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CWH Camping World

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021May 03, 2021
Document and Entity Information
Document Type10-Q
Document Quarterly Reporttrue
Document Transition Reportfalse
Document Period End DateMar. 31,
2021
Entity File Number001-37908
Entity Registrant NameCAMPING WORLD HOLDINGS, INC.
Entity Central Index Key0001669779
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number81-1737145
Entity Address, Address Line One250 Parkway Drive, Suite 270
Entity Address, City or TownLincolnshire
Entity Address, State or ProvinceIL
Entity Address, Postal Zip Code60069
City Area Code847
Local Phone Number808-3000
Title of 12(b) SecurityClass A Common Stock,
Trading SymbolCWH
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse
Common Class A
Document and Entity Information
Entity Common Stock, Shares Outstanding45,852,641
Common Class B
Document and Entity Information
Entity Common Stock, Shares Outstanding42,718,201
Common Class C
Document and Entity Information
Entity Common Stock, Shares Outstanding1

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 256,870 $ 166,072
Contracts in transit165,751 48,175
Accounts receivable, net89,142 83,422
Inventories1,189,508 1,136,345
Prepaid expenses and other assets51,082 60,211
Total current assets1,752,353 1,494,225
Property and equipment, net405,035 367,898
Operating lease assets767,256 769,487
Deferred tax assets, net213,180 165,708
Intangible assets, net29,185 30,122
Goodwill420,135 413,123
Other assets16,016 15,868
Total assets3,603,160 3,256,431
Current liabilities:
Accounts payable245,261 148,462
Accrued liabilities185,788 137,688
Deferred revenues88,006 88,213
Current portion of operating lease liabilities63,007 62,405
Current portion of finance lease liabilities2,585 2,240
Current portion of Tax Receivable Agreement liability8,089 8,089
Current portion of long-term debt12,174 12,174
Notes payable - floor plan, net539,687 522,455
Other current liabilities66,748 53,795
Total current liabilities1,211,345 1,035,521
Operating lease liabilities, net of current portion801,181 804,555
Finance lease liabilities, net of current portion37,791 27,742
Tax Receivable Agreement liability, net of current portion167,457 137,845
Revolving line of credit20,885 20,885
Long-term debt, net of current portion1,120,581 1,122,675
Deferred revenues64,269 61,519
Other long-term liabilities55,001 54,920
Total liabilities3,478,510 3,265,662
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, par value $0.01 per share - 20,000,000 shares authorized; none issued and outstanding as of March 31, 2021 and December 31, 2020
Additional paid-in capital69,209 63,342
Treasury stock, at cost; 439,166 and 572,447 shares as of March 31, 2021 and December 31, 2020(11,651)(15,187)
Retained earnings (deficit)30,155 (21,814)
Total stockholders' equity attributable to Camping World Holdings, Inc.88,175 26,774
Non-controlling interests36,475 (36,005)
Total stockholders' equity (deficit)124,650 (9,231)
Total liabilities and stockholders' equity (deficit)3,603,160 3,256,431
Common Class A
Stockholders' equity (deficit):
Common stock458 428
Total stockholders' equity (deficit)458 428
Common Class B
Stockholders' equity (deficit):
Common stock4 5
Total stockholders' equity (deficit)4 5
Common Class C
Stockholders' equity (deficit):
Common stock
Total stockholders' equity (deficit) $ 0 $ 0

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / sharesMar. 31, 2021Dec. 31, 2020
Stockholders' equity (deficit)
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, authorized20,000,000 20,000,000
Preferred stock, issued0 0
Preferred stock, outstanding0 0
Treasury Stock, (In shares)439,166 572,447
Common Class A
Stockholders' equity (deficit)
Common stock, par value $ 0.01 $ 0.01
Common stock, authorized250,000,000 250,000,000
Common stock, issued46,112,336 43,083,008
Common stock, outstanding45,388,998 42,226,389
Common Class B
Stockholders' equity (deficit)
Common stock, par value $ 0.0001 $ 0.0001
Common stock, authorized75,000,000 75,000,000
Common stock, issued69,066,445 69,066,445
Common stock, outstanding43,151,528 45,999,132
Common Class C
Stockholders' equity (deficit)
Common stock, par value $ 0.0001 $ 0.0001
Common stock, authorized1 1
Common stock, issued1 1
Common stock, outstanding1 1

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenue:
Total revenue $ 1,557,781 $ 1,027,273
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue1,037,287 724,610
Operating expenses:
Selling, general, and administrative337,034 267,656
Depreciation and amortization12,701 14,078
Long-lived asset impairment546 6,569
Lease termination1,756 584
(Gain) loss on disposal of assets(99)511
Total operating expenses351,938 289,398
Income from operations168,556 13,265
Other income (expense):
Floor plan interest expense(3,390)(8,604)
Other interest expense, net(12,223)(14,658)
Tax Receivable Agreement liability adjustment(3,520)0
Other income, net45 0
Total other expense(19,088)(23,262)
Income (loss) before income taxes149,468 (9,997)
Income tax expense(2,043)(4,132)
Net income (loss)147,425 (14,129)
Less: net (income) loss attributable to non-controlling interests(85,103)5,969
Net income (loss) attributable to Camping World Holdings, Inc. $ 62,322 $ (8,160)
Earnings (loss) per share of Class A common stock:
Basic $ 1.43 $ (0.22)
Diluted $ 1.40 $ (0.22)
Weighted average shares of Class A common stock outstanding:
Basic43,584 37,534
Diluted90,238 37,534
Common Class A
Other income (expense):
Net income (loss) $ 0 $ 0
Earnings (loss) per share of Class A common stock:
Basic $ 1.43 $ (0.22)
Diluted $ 1.40 $ (0.22)
Weighted average shares of Class A common stock outstanding:
Basic43,584 37,534
Diluted90,238 37,534
New vehicles
Revenue:
Total revenue $ 821,976 $ 497,317
Used vehicles
Revenue:
Total revenue294,257 206,665
Products, service and other
Revenue:
Total revenue251,270 172,623
Finance and insurance, net
Revenue:
Total revenue138,254 92,456
Good Sam Club
Revenue:
Total revenue11,153 11,004
Good Sam Club services and plans
Revenue:
Total revenue40,871 47,208
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue14,424 21,859
RV and Outdoor Retail
Revenue:
Total revenue1,516,910 980,065
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue1,022,863 702,751
Operating expenses:
Depreciation and amortization11,892 13,322
RV and Outdoor Retail | New vehicles
Revenue:
Total revenue821,976 497,317
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue643,680 426,442
RV and Outdoor Retail | Used vehicles
Revenue:
Total revenue294,257 206,665
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue223,193 163,793
RV and Outdoor Retail | Products, service and other
Revenue:
Total revenue251,270 172,623
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue154,146 110,269
RV and Outdoor Retail | Finance and insurance, net
Revenue:
Total revenue138,254 92,456
RV and Outdoor Retail | Good Sam Club
Revenue:
Total revenue11,153 11,004
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue $ 1,844 $ 2,247

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in ThousandsAdditional Paid-in CapitalTreasury StockRetained DeficitNon-controlling InterestCommon Class ACommon Class BCommon Class CTotal
Balance at Dec. 31, 2019 $ 50,152 $ 0 $ (83,134) $ (126,634) $ 375 $ 5 $ 0 $ (159,236)
Balance (in shares) at Dec. 31, 20190 37,489 50,707 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation3,312 $ 0 0 0 $ 0 $ 0 $ 0 3,312
Vesting of restricted stock units82 0 0 (82) $ 0 0 0 0
Vesting of restricted stock units (in shares)47
Repurchases of Class A common stock for withholding taxes on vested RSUs(212)0 0 0 $ 0 0 0 (212)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)(16)
Redemption of LLC common units for Class A common stock4 0 0 49 $ 0 $ 0 0 53
Redemption of LLC common units for Class A common stock (in shares)20 0
Distributions to holders of LLC common units0 0 0 (8,410) $ 0 $ 0 0 (8,410)
Dividends0 0 (5,752)0 0 0 0 (5,752)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability(44)0 0 0 0 0 0 (44)
Non-controlling interest adjustment(1,698)0 0 1,698 0 0 0 0
Net income (loss)0 0 (8,160)(5,969)0 0 0 (14,129)
Balance at Mar. 31, 202051,596 $ 0 (97,046)(139,348) $ 375 $ 5 $ 0 (184,418)
Balance (in shares) at Mar. 31, 20200 37,540 50,707 0
Balance at Dec. 31, 202063,342 $ (15,187)(21,814)(36,005) $ 428 $ 5 $ 0 (9,231)
Balance (in shares) at Dec. 31, 2020(572)42,799 45,999 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation6,109 $ 0 0 0 $ 0 $ 0 $ 0 6,109
Exercise of stock options(417) $ 2,407 0 0 $ 0 0 0 1,990
Exercise of stock options (in shares)91 0
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options(1,012) $ 0 0 1,012 $ 0 0 0 0
Vesting of restricted stock units(1,220) $ 1,318 0 (98) $ 0 0 0 0
Vesting of restricted stock units (in shares)49 0
Repurchases of Class A common stock for withholding taxes on vested RSUs(25) $ (189)0 0 $ 0 0 0 (214)
Repurchases of Class A common stock for withholding taxes on vested RSUs (in shares)(7)0
Redemption of LLC common units for Class A common stock22,926 $ 0 0 2,336 $ 30 $ (1)0 25,291
Redemption of LLC common units for Class A common stock (in shares)3,029 (2,848)
Distributions to holders of LLC common units0 0 0 (16,926) $ 0 $ 0 0 (16,926)
Dividends0 0 (10,353)0 0 0 0 (10,353)
Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability(19,441)0 0 0 0 0 0 (19,441)
Non-controlling interest adjustment(1,053)0 0 1,053 0 0 0 0
Net income (loss)0 0 62,322 85,103 0 0 0 147,425
Balance at Mar. 31, 2021 $ 69,209 $ (11,651) $ 30,155 $ 36,475 $ 458 $ 4 $ 0 $ 124,650
Balance (in shares) at Mar. 31, 2021(439)45,828 43,151 0

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Common Class A
Dividends declared per share $ 0.23 $ 0.15

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Operating activities
Net income (loss) $ 147,425 $ (14,129)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization12,701 14,078
Equity-based compensation6,109 3,312
Loss on lease termination1,756 584
Long-lived asset impairment546 6,569
(Gain) loss on disposal of assets(99)511
Provision for losses on accounts receivable242 483
Non-cash lease expense15,059 14,208
Accretion of original debt issuance discount270 263
Non-cash interest872 1,014
Deferred income taxes(15,531)2,031
Tax Receivable Agreement liability adjustment3,520 0
Change in assets and liabilities, net of acquisitions:
Receivables and contracts in transit(123,902)(472)
Inventories(50,169)(80,799)
Prepaid expenses and other assets9,037 5,678
Accounts payable and other accrued expenses94,366 53,864
Deferred revenue2,544 (5,070)
Operating lease liabilities(17,192)(18,415)
Other, net278 1,101
Net cash provided by (used in) operating activities87,832 (15,189)
Investing activities
Purchases of property and equipment(14,906)(8,668)
Proceeds from sale of property and equipment213 212
Purchase of real property(21,366)0
Proceeds from the sale of real property600 0
Purchases of businesses, net of cash acquired(10,406)0
Purchase of other investments(350)0
Net cash used in investing activities(46,215)(8,456)
Financing activities
Payments on long-term debt(3,038)(3,534)
Net proceeds on notes payable - floor plan, net78,139 3,438
Payments on finance leases(401)
Dividends on Class A common stock(10,353)(5,752)
Proceeds from exercise of stock options1,974
RSU shares withheld for tax(214)(212)
Distributions to holders of LLC common units(16,926)(8,410)
Net cash provided by (used in) financing activities49,181 (14,470)
Increase (decrease) in cash and cash equivalents90,798 (38,115)
Cash and cash equivalents at beginning of the period166,072 147,521
Cash and cash equivalents at end of the period256,870 109,406
Common Class A
Operating activities
Net income (loss)0 0
Common Class B
Operating activities
Net income (loss) $ 0 $ 0

Summary of Significant Accounti

Summary of Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies1. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of Camping World Holdings, Inc. and its subsidiaries, and are presented in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. All intercompany accounts and transactions of the Company and its subsidiaries have been eliminated in consolidation. The condensed consolidated financial statements as of and for the three months ended March 31, 2021 are unaudited. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 26, 2021. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. CWH was formed on March 8, 2016 as a Delaware corporation for the purpose of facilitating an IPO and other related transactions in order to carry on the business of CWGS, LLC. CWGS, LLC was formed in March 2011 when it received, through contribution from its then parent company, all of the membership interests of Affinity Group Holding, LLC and FreedomRoads Holding Company, LLC (“FreedomRoads”). The IPO and related reorganization transactions that occurred on October 6, 2016 resulted in CWH as the sole managing member of CWGS, LLC, with CWH having sole voting power in and control of the management of CWGS, LLC (see Note 14 — Stockholders’ Equity). Despite its position as sole managing member of CWGS, LLC, CWH had a minority economic interest in CWGS, LLC through March 11, 2021. As of March 31, 2021 and December 31, 2020, CWH owned 50.9% and 47.4%, respectively, of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its condensed consolidated financial statements. The Company does not have any components of other comprehensive income recorded within its condensed consolidated financial statements, and, therefore, does not separately present a statement of comprehensive income in its condensed consolidated financial statements. COVID-19 A novel strain of coronavirus was declared a pandemic by the World Health Organization in March 2020. To date, COVID-19 has surfaced in nearly all regions of the world and resulted in travel restrictions and business slowdowns or shutdowns in affected areas. Many affected areas have begun the process of easing restrictions and reopening certain businesses often under new operating guidelines, although new waves of infection may lead to an increase in such restrictions or closures. In conjunction with the stay-at-home and shelter-in-place restrictions enacted in many areas, the Company saw significant sequential declines in its overall customer traffic levels and its overall revenues from the mid-March to mid-to-late April 2020 timeframe. In the latter part of April, the Company began to see a significant improvement in its online web traffic levels and number of electronic leads, and in early May, the Company began to see improvements in its overall revenue levels. As the stay-at-home restrictions began to ease across certain areas of the country, the Company experienced significant acceleration in its in-store and online traffic, lead generation, and revenue trends in May 2020 continuing through the quarter ended March 31, 2021. In order to offset the initially expected adverse impact of COVID-19 and better align expenses with reduced sales in the middle of March 2020 and early April 2020, the Company temporarily reduced salaries and hours throughout the business, including for its executive officers, and implemented headcount and other cost reductions. Most of these temporary salary reductions ended in May 2020 as the adverse impacts of the pandemic began to decline and the Company increased hours for certain employees and reinstated many positions from the initial headcount reductions as the demand for the Company’s products increased. The Company has also taken steps to add new private label lines, expand its relationships with smaller recreational vehicle (“RV”) manufacturers, and acquire used inventory to help manage risks in its supply chain. Throughout the pandemic, the majority of the Company’s retail locations have continued to operate as essential businesses and the Company has continued to operate its e-commerce business. Annually, most of the Company’s consumer shows and events take place during the first quarter. As a consequence of COVID-19, the Company held no consumer shows in the first quarter of 2021 and held fewer consumer shows and events during 2020 than in 2019. Since March 2020, the Company has implemented preparedness plans to keep its employees and customers safe, which include social distancing, providing employees with face coverings and/or other protective clothing as required, implementing additional cleaning and sanitization routines, and work-from-home directives for a significant portion of the Company’s workforce. Description of the Business Camping World Holdings, Inc., together with its subsidiaries, is America’s largest retailer of RVs and related products and services. As noted above, CWGS, LLC is a holding company and operates through its subsidiaries. The Company has the following two reportable segments: (i) Good Sam Services and Plans and (ii) RV and Outdoor Retail. See Note 18 – Segments Information to the condensed consolidated financial statements for further information about the Company’s segments. Within the Good Sam Services and Plans segment, the Company primarily derives revenue from the sale of the following offerings: emergency roadside assistance plans; property and casualty insurance programs; travel assist programs; extended vehicle service contracts; vehicle financing and refinancing assistance; consumer shows and events; and consumer publications and directories. Within the RV and Outdoor Retail segment, the Company primarily derives revenue from the sale of new and used RVs; commissions on the finance and insurance contracts related to the sale of RVs; the sale of RV services and maintenance work; the sale of RV parts, accessories, and supplies; the sale of outdoor products, equipment, gear and supplies; business to business distribution of RV furniture; and the sale of Good Sam Club memberships and co-branded credit cards. The Company operates a national network of RV dealerships and service centers as well as a comprehensive e-commerce platform primarily under the Camping World and Gander RV & Outdoors brands, and markets its products and services primarily to RV and outdoor enthusiasts. In 2019, the Company made a strategic decision to refocus its business around its core RV competencies, and on September 3, 2019, the board of directors approved a strategic plan to shift the business away from locations that did not have the ability or where it was not feasible to sell and/or service RVs (the “2019 Strategic Shift”) (see Note 4 – Restructuring and Long-lived Asset Impairment). A summary of the retail store openings, closings, divestitures, conversions and number of locations from March 31, 2020 to March 31, 2021, are in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RV RV Service & Other ​ ​ ​ Dealerships Retail Centers Retail Stores Total Number of store locations as of March 31, 2020 ​ 157 ​ 10 ​ 1 ​ 168 Opened ​ 13 ​ — ​ — ​ 13 Closed / divested ​ (3) ​ — ​ (1) ​ (4) Temporarily closed (1) ​ (2) ​ — ​ — ​ (2) Re-opened ​ — ​ — ​ 1 ​ 1 Number of store locations as of March 31, 2021 ​ 165 ​ 10 ​ 1 ​ 176 ​ (1) These locations were temporarily closed for facility modification. Reclassifications of Prior Period Amounts Certain prior-period amounts have been reclassified to conform to the current period presentation. Specifically, the current and noncurrent portions of finance lease liabilities have been reclassified to be presented separately from current and noncurrent portions of long-term debt, respectively, in the accompanying condensed consolidated balance sheet as of December 31, 2020. Use of Estimates The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. The Company bases its estimates and judgments on historical experience and other assumptions that management believes are reasonable. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties, including those uncertainties arising from COVID-19, and, as a result, actual results could differ materially from these estimates. The Company periodically evaluates estimates and assumptions used in the preparation of the financial statements and makes changes on a prospective basis when adjustments are necessary. Significant estimates made in the accompanying condensed consolidated financial statements include certain assumptions related to accounts receivable, inventory, goodwill, intangible assets, long lived assets, long-lived asset impairments, program cancellation reserves, chargebacks, and accruals related to estimated tax liabilities, product return reserves, and other liabilities. ​ Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This standard reduces complexity by removing specific exceptions to general principles related to intraperiod tax allocations, ownership changes in foreign investments, and interim period income tax accounting for year-to-date losses that exceed anticipated losses. This standard also simplifies accounting for franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The Company adopted ASU 2019-12 as of January 1, 2021 and the adoption did not materially impact its condensed consolidated financial statements.

Revenue

Revenue3 Months Ended
Mar. 31, 2021
Revenue
Revenue2. Revenue Contract Assets As of March 31, 2021 and December 31, 2020, a contract asset of $10.3 million and $8.1 million, respectively, relating to RV service revenues was included in accounts receivable in the accompanying condensed consolidated balance sheets. Deferred Revenues As of March 31, 2021, the Company has unsatisfied performance obligations primarily relating to multi-year plans for its roadside assistance, Good Sam Club memberships, Coast to Coast memberships, the annual campground guide, and magazine publication revenue streams. The total unsatisfied performance obligation for these revenue streams at March 31, 2021 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows (in thousands): ​ ​ ​ ​ ​ As of ​ March 31, 2021 2021 $ 73,967 2022 ​ ​ 38,506 2023 ​ ​ 19,951 2024 ​ ​ 9,538 2025 ​ ​ 5,175 Thereafter ​ ​ 5,138 Total ​ $ 152,275 ​ ​ ​ ​ ​

Inventories and Floor Plan Paya

Inventories and Floor Plan Payable3 Months Ended
Mar. 31, 2021
Inventories and Floor Plan Payable
Inventories and Floor Plan Payable3. Inventories and Floor Plan Payable Inventories consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Good Sam services and plans ​ $ 44 ​ $ 109 New RVs ​ ​ 715,085 ​ ​ 691,114 Used RVs ​ ​ 190,176 ​ ​ 178,336 Products, parts, accessories and other ​ ​ 284,203 ​ ​ 266,786 ​ ​ $ 1,189,508 ​ $ 1,136,345 ​ New RV inventory, included in the RV and Outdoor Retail segment, is primarily financed by a floor plan credit agreement with a syndication of banks. The borrowings under the floor plan credit agreement are collateralized by substantially all of the assets of FreedomRoads, LLC (“FR”), a wholly-owned subsidiary of FreedomRoads, which operates the RV dealerships, and bear interest at one-month LIBOR plus 2.05% as of March 31, 2021 and December 31, 2020. LIBOR was 0.12% at March 31, 2021 and 0.15% as of December 31, 2020. The floor plan borrowings are tied to specific vehicles and principal is due upon the sale of the related vehicle or upon reaching certain aging criteria. As of March 31, 2021 and December 31, 2020, FR maintained floor plan financing through the Seventh Amended and Restated Credit Agreement (“Floor Plan Facility”). The applicable borrowing rate margin on LIBOR and base rate loans ranges from 2.05% to 2.50% and 0.55% and 1.00%, respectively, based on the consolidated current ratio at FR. The Floor Plan Facility at March 31, 2021 allowed FR to borrow (a) up to $1.38 billion under a floor plan facility, (b) up to $15.0 million under a letter of credit facility and (c) up to a maximum amount outstanding of $45.0 million under the revolving line of credit, which maximum amount outstanding further decreases by $3.0 million on the last day of each fiscal quarter. The maturity date of the Floor Plan Facility is March 15, 2023. On May 12, 2020, FR entered into a Third Amendment to the Seventh Amended and Restated Credit Agreement (“Third Amendment”) that provided FR with a one-time option to request a temporary four-month reduction of the minimum consolidated current ratio at any time during 2020 and the first seven days of 2021. FR did not exercise that option. Effective May 12, 2020 through July 31, 2020, FR was not allowed to draw further Revolving Credit Loans (as defined in the Floor Plan Facility). The Floor Plan Facility includes a flooring line aggregate interest reduction (“FLAIR”) offset account that allows the Company to transfer cash as an offset to the payable under the Floor Plan Facility. These transfers reduce the amount of liability outstanding under the floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the FLAIR offset account into the Company’s operating cash accounts. As a result of using the FLAIR offset account, the Company experiences a reduction in floor plan interest expense in its consolidated statements of operations. As of March 31, 2021 and December 31, 2020, FR had $136.6 million and $133.6 million, respectively, in the FLAIR offset account. The Third Amendment raised the maximum FLAIR percentage of outstanding floor plan borrowings from 20% to 30% for the period of May 12, 2020 through August 31, 2020 before returning to 20%. Management has determined that the credit agreement governing the Floor Plan Facility includes subjective acceleration clauses, which could impact debt classification. Management has determined that no events have occurred at March 31, 2021 that would trigger a subjective acceleration clause. Additionally, the credit agreement governing the Floor Plan Facility contains certain financial covenants. FR was in compliance with all debt covenants at March 31, 2021 and December 31, 2020. The following table details the outstanding amounts and available borrowings under the Floor Plan Facility as of March 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Floor Plan Facility ​ ​ ​ ​ ​ ​ Notes payable - floor plan: ​ ​ ​ ​ ​ ​ Total commitment ​ $ 1,379,750 ​ $ 1,379,750 Less: borrowings, net ​ ​ (539,687) ​ ​ (522,455) Less: flooring line aggregate interest reduction account ​ ​ (136,609) ​ ​ (133,639) Additional borrowing capacity ​ ​ 703,454 ​ ​ 723,656 Less: accounts payable for sold inventory ​ ​ (89,886) ​ ​ (28,980) Less: purchase commitments ​ ​ (67,249) ​ ​ (39,121) Unencumbered borrowing capacity ​ $ 546,319 ​ $ 655,555 ​ ​ ​ ​ ​ ​ ​ Revolving line of credit: ​ $ 45,000 ​ $ 48,000 Less: borrowings ​ ​ (20,885) ​ ​ (20,885) Additional borrowing capacity ​ $ 24,115 ​ $ 27,115 ​ ​ ​ ​ ​ ​ ​ Letters of credit: ​ ​ ​ ​ ​ ​ Total commitment ​ $ 15,000 ​ $ 15,000 Less: outstanding letters of credit ​ ​ (11,732) ​ ​ (11,732) Additional letters of credit capacity ​ $ 3,268 ​ $ 3,268 ​ ​ ​ ​ ​ ​ ​ ​

Restructuring and Long-lived As

Restructuring and Long-lived Asset Impairment3 Months Ended
Mar. 31, 2021
Restructuring and Long-lived Asset Impairment
Restructuring and Long-lived Asset Impairment4 . Restructuring and Long-lived Asset Impairment Restructuring On September 3, 2019, the board of directors of CWH approved a plan to strategically shift its business away from locations where the Company does not have the ability or where it is not feasible to sell and/or service RVs at a sufficient capacity (the “Outdoor Lifestyle Locations”). Of the Outdoor Lifestyle Locations in the RV and Outdoor Retail segment operating at September 3, 2019, the Company has closed or divested 39 Outdoor Lifestyle Locations, three distribution centers, and 20 specialty retail locations through March 31, 2021. One of the aforementioned closed distribution centers was reopened during the three months ended June 2020. As of December 31, 2020, the Company had completed the store closures and divestitures relating to the 2019 Strategic Shift. As part of the 2019 Strategic Shift, the Company evaluated the impact on its supporting infrastructure and operations, which included rationalizing inventory levels and composition, closing certain distribution centers, and realigning other resources. The Company had a reduction of headcount and labor costs for those locations that were closed or divested and the Company incurred material charges associated with the activities contemplated under the 2019 Strategic Shift. The Company currently estimates the total restructuring costs associated with the 2019 Strategic Shift to be in the range of $92.6 million to $113.6 million. The breakdown of the estimated restructuring costs are as follows: ● one-time employee termination benefits relating to retail store or distribution center closures/divestitures of $1.2 million, all of which has been incurred through December 31, 2020; ● lease termination costs of $18.0 million to $36.0 million, of which $13.5 million has been incurred through March 31, 2021; ● incremental inventory reserve charges of $42.4 million, all of which has been incurred through December 31, 2020; and ● other associated costs of $31.0 million to $34.0 million, of which $24.2 million has been incurred through March 31, 2021. Through March 31, 2021, the Company has incurred $24.2 million of such other associated costs primarily representing labor, lease, and other operating expenses incurred during the post-close wind-down period for the locations related to the 2019 Strategic Shift. The additional amount of $6.8 million to $9.8 million represents similar costs that may be incurred in the year ending December 31, 2021 for locations that continue in a wind-down period, primarily comprised of lease costs accounted for under ASC 842, Leases, prior to lease termination. The Company intends to negotiate terminations of these leases where prudent and pursue sublease arrangements for the remaining leases. Lease costs may continue to be incurred after December 31, 2021 on these leases if the Company is unable to terminate the leases under acceptable terms or offset the lease costs through sublease arrangements. The foregoing lease termination cost estimate represents the expected cash payments to terminate certain leases, but does not include the gain or loss from derecognition of the related operating lease assets and liabilities, which is dependent on the particular leases that will be terminated. The following table details the costs incurred during the three months ended March 31, 2021 and 2020 associated with the 2019 Strategic Shift (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, 2021 March 31, 2020 Restructuring costs: ​ ​ ​ ​ ​ One-time termination benefits (1) $ — ​ $ 180 Lease termination costs (2) ​ 1,431 ​ ​ 589 Incremental inventory reserve charges (3) ​ — ​ ​ 486 Other associated costs (4) ​ 3,067 ​ ​ 5,616 Total restructuring costs $ 4,498 ​ $ 6,871 ​ (1) These costs incurred in the first three months 2020 were primarily included in costs applicable to revenues – products, service and other in the condensed consolidated statements of operations. (2) These costs were included in lease termination charges in the condensed consolidated statements of operations. This reflects termination fees paid, net of any gain from derecognition of the related operating lease assets and liabilities. (3) These costs were included in costs applicable to revenue – products, service and other in the condensed consolidated statements of operations. (4) Other associated costs primarily represent labor, lease, and other operating expenses incurred during the post-close wind-down period for the locations related to the 2019 Strategic Shift. For the three months ended March 31, 2021 and 2020, costs of approximately $0.0 million and $0.3 million were included in costs applicable to revenue – products, service and other and $3.1 million and $5.3 million were included in selling, general, and administrative expenses, respectively, in the condensed consolidated statements of operations. The following table details changes in the restructuring accrual associated with the 2019 Strategic Shift (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One-time Lease Other ​ ​ Termination Termination Associated ​ ​ Benefits Costs (1) Costs Total Balance at June 30, 2019 ​ $ — ​ $ — ​ $ — ​ $ — Charged to expense ​ ​ 1,008 ​ ​ 1,350 ​ ​ 4,321 ​ ​ 6,679 Paid or otherwise settled ​ ​ (286) ​ ​ (1,350) ​ ​ (4,036) ​ ​ (5,672) Balance at December 31, 2019 ​ ​ 722 ​ ​ — ​ ​ 285 ​ ​ 1,007 Charged to expense ​ ​ 231 ​ ​ 10,532 ​ ​ 16,835 ​ ​ 27,598 Paid or otherwise settled ​ ​ (953) ​ ​ (10,532) ​ ​ (16,346) ​ ​ (27,831) Balance at December 31, 2020 ​ ​ — ​ ​ — ​ ​ 774 ​ ​ 774 Charged to expense ​ ​ — ​ ​ 1,650 ​ ​ 3,067 ​ ​ 4,717 Paid or otherwise settled ​ ​ — ​ ​ (1,650) ​ ​ (3,540) ​ ​ (5,190) Balance at March 31, 2021 ​ $ — ​ $ — ​ $ 301 ​ $ 301 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Lease termination costs exclude the $1.3 million, $6.1 million and $0.2 million of gains from the derecognition of the operating lease assets and liabilities relating to the terminated leases as part of the 2019 Strategic Shift for the six months ended December 31, 2019, for the year ended December 31, 2020 and for the three months ended March 31, 2021, respectively. The Company evaluated the requirements of ASC No. 205-20, Presentation of Financial Statements – Discontinued Operations relative to the 2019 Strategic Shift and determined that discontinued operations treatment is not applicable. Accordingly, the results of operations of the locations impacted by the 2019 Strategic Shift are reported as part of continuing operations in the accompanying condensed consolidated financial statements. Long-lived Asset Impairment During the three months ended March 31, 2020, the Company had indicators of impairment of the long-lived assets for certain of its locations. For locations that failed the recoverability test based on an analysis of undiscounted cash flows, the Company estimated the fair value of the locations based on a discounted cash flow analysis. After performing the long-lived asset impairment test for these locations, the Company determined that certain locations within the RV and Outdoor Retail segment had long-lived assets that were impaired. The long-lived asset impairment charge, subject to limitations described below, was calculated as the amount that the carrying value of the locations exceeded the estimated fair value. The calculated long-lived asset impairment charge was allocated to each of the categories of long-lived assets at each location pro rata based on the long-lived assets’ carrying values, except that individual assets cannot be impaired below their individual fair values when that fair value can be determined without undue cost and effort. For most of these locations, the operating lease right-of-use assets and furniture and equipment were written down to their individual fair values and the remaining impairment charge was allocated to the remaining long-lived assets up to the fair value estimated on these assets based on liquidation value estimates. During the three months ended March 31, 2020, the Company recorded long-lived asset impairment charges relating to leasehold improvements, furniture and equipment, and operating lease right-of-use assets of $2.4 million, $2.6 million, and $1.6 million, respectively. Of the $6.6 million long-lived asset impairment charge during the three months ended March 31, 2020, $6.5 million related to the 2019 Strategic Shift discussed above. During the three months ended March 31, 2021, the Company had indicators of impairment of the long-lived assets for certain operating lease right-of-use assets related to the 2019 Strategic Shift that had been partially impaired in a previous period. The Company recorded an additional impairment of $0.5 million on these operating lease right-of-use assets.

Goodwill and Intangible Assets

Goodwill and Intangible Assets3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets
Goodwill and Intangible Assets5. Goodwill and Intangible Assets Goodwill The following is a summary of changes in the Company’s goodwill by segment for the three months ended March 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam ​ ​ ​ ​ ​ ​ ​ Services and ​ RV and ​ ​ ​ ​ Plans Outdoor Retail Consolidated Balance as of December 31, 2020 (excluding impairment charges) ​ $ 70,713 ​ $ 584,247 ​ $ 654,960 Accumulated impairment charges ​ ​ (46,884) ​ ​ (194,953) ​ ​ (241,837) Balance as of December 31, 2020 ​ ​ 23,829 ​ ​ 389,294 ​ ​ 413,123 Acquisitions ​ ​ — ​ ​ 7,012 ​ ​ 7,012 Balance as of March 31, 2021 ​ $ 23,829 ​ $ 396,306 ​ $ 420,135 ​ ​ The Company evaluates goodwill for impairment on an annual basis as of the beginning of the fourth quarter, or more frequently if events or changes in circumstances indicate that the Company’s goodwill or indefinite-lived intangible assets might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then it is required to perform a quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, then the Company records an impairment of goodwill equal to the amount that the carrying amount of a reporting unit exceeds its fair value. During the three months ended March 31, 2020, the Company determined that a triggering event for an interim goodwill impairment test of its RV and Outdoor Retail reporting unit had occurred as a result of the decline in the market price of the Company’s Class A common stock and the potential impact of COVID-19 on the Company’s business. As a result of the interim goodwill impairment test, the Company determined that the fair value of the RV and Outdoor Retail reporting unit was substantially above its respective carrying amount, therefore, no goodwill impairment was recorded. For the three months ended March 31, 2021, the Company determined that there were no triggering events for an interim goodwill impairment test of its reporting units. Intangible Assets Finite-lived intangible assets and related accumulated amortization consisted of the following at March 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ Cost or ​ Accumulated ​ ​ ​ ​ Fair Value Amortization Net Good Sam Services and Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ Membership and customer lists ​ $ 9,140 ​ $ (8,639) ​ $ 501 RV and Outdoor Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer lists and domain names ​ ​ 3,476 ​ ​ (2,022) ​ ​ 1,454 Supplier lists ​ ​ 1,696 ​ ​ (170) ​ ​ 1,526 Trademarks and trade names ​ ​ 29,564 ​ ​ (7,173) ​ ​ 22,391 Websites ​ ​ 6,140 ​ ​ (2,827) ​ ​ 3,313 ​ ​ $ 50,016 ​ $ (20,831) ​ $ 29,185 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Cost or ​ Accumulated ​ ​ ​ ​ Fair Value Amortization Net Good Sam Services and Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ Membership and customer lists ​ $ 9,140 ​ $ (8,568) ​ $ 572 RV and Outdoor Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplier lists ​ ​ 3,476 ​ ​ (1,930) ​ ​ 1,546 Customer lists and domain names ​ ​ 1,696 ​ ​ (85) ​ ​ 1,611 Trademarks and trade names ​ ​ 29,564 ​ ​ (6,681) ​ ​ 22,883 Websites ​ ​ 6,140 ​ ​ (2,630) ​ ​ 3,510 ​ ​ $ 50,016 ​ $ (19,894) ​ $ 30,122 ​

Long-Term Debt

Long-Term Debt3 Months Ended
Mar. 31, 2021
Long-Term Debt
Long-Term Debt6. Long-Term Debt Outstanding long-term debt consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Term Loan Facility (1) ​ $ 1,128,334 ​ $ 1,130,356 Real Estate Facility (2) ​ ​ 4,421 ​ ​ 4,493 Subtotal ​ ​ 1,132,755 ​ ​ 1,134,849 Less: current portion ​ ​ (12,174) ​ ​ (12,174) Total ​ $ 1,120,581 ​ $ 1,122,675 ​ ​ ​ ​ ​ ​ ​ (1) Net of $3.0 million and $3.2 million of original issue discount at March 31, 2021 and December 31, 2020, respectively, and $7.3 million and $7.9 million of finance costs at March 31, 2021 and December 31, 2020, respectively. (2) Finance costs at March 31, 2021 and December 31, 2020 were not significant. Senior Secured Credit Facilities As of March 31, 2021 and December 31, 2020, CWGS Group, LLC (the “Borrower”), a wholly-owned subsidiary of CWGS, LLC, was party to a credit agreement (as amended from time to time, the “Credit Agreement”) for a senior secured credit facility (the “Senior Secured Credit Facilities”). The Senior Secured Credit Facilities consist of a $1.19 billion term loan facility (the “Term Loan Facility”) and a $35.0 million revolving credit facility (the “Revolving Credit Facility”). The funds available under the Revolving Credit Facility may be utilized for borrowings or letters of credit; however, a maximum of $15.0 million may be allocated to such letters of credit. The Revolving Credit Facility matures on November 8, 2021, and the Term Loan Facility matures on November 8, 2023. The Term Loan Facility requires mandatory principal payments in equal quarterly installments of $3.0 million. Additionally, the Company is required to prepay the term loan borrowings in an aggregate amount up to 50% of excess cash flow, as defined in the Credit Agreement, for such fiscal year depending on the Total Leverage Ratio. The Company was not required to make an additional excess cash flow payment relating to 2020 and does not expect that an additional excess cash flow payment will be required relating to 2021. As of March 31, 2021, the average interest rate on the Term Loan Facility was 3.53%. The following table details the outstanding amounts and available borrowings under the Senior Secured Credit Facilities as of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Senior Secured Credit Facilities: ​ ​ ​ ​ ​ ​ Term Loan Facility: ​ ​ ​ ​ ​ ​ Principal amount of borrowings ​ $ 1,195,000 ​ $ 1,195,000 Less: cumulative principal payments ​ ​ (56,432) ​ ​ (53,459) Less: unamortized original issue discount ​ ​ (2,970) ​ ​ (3,241) Less: finance costs ​ ​ (7,264) ​ ​ (7,944) ​ ​ ​ 1,128,334 ​ ​ 1,130,356 Less: current portion ​ ​ (11,891) ​ ​ (11,891) Long-term debt, net of current portion ​ $ 1,116,443 ​ $ 1,118,465 Revolving Credit Facility: ​ ​ ​ ​ ​ ​ Total commitment ​ $ 35,000 ​ $ 35,000 Less: outstanding letters of credit ​ ​ (5,930) ​ ​ (5,930) Additional borrowing capacity ​ $ 29,070 ​ $ 29,070 ​ ​ ​ ​ ​ ​ ​ ​ The Senior Secured Credit Facilities are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by each of the Company’s existing and future domestic restricted subsidiaries with the exception of FreedomRoads Intermediate Holdco, LLC, the direct parent of FR, and FR, and its subsidiaries. The Credit Agreement contains certain restrictive covenants pertaining to, but not limited to, mergers, changes in the nature of the business, acquisitions, additional indebtedness, sales of assets, investments, and the prepayment of dividends subject to certain limitations and minimum operating covenants. Additionally, management has determined that the Senior Secured Credit Facilities include subjective acceleration clauses, which could impact debt classification. Management has determined that no events have occurred at March 31, 2021 that would trigger a subjective acceleration clause. The Credit Agreement requires the Borrower and its subsidiaries to comply on a quarterly basis with a maximum Total Leverage Ratio (as defined in the Credit Agreement), which covenant is in effect only if, as of the end of each calendar quarter, the aggregate amount of borrowings under the revolving credit facility (including swingline loans), letters of credit and unreimbursed letter of credit disbursements outstanding at such time (minus the lesser of (a) $5.0 million and (b) letters of credit outstanding) is greater than 30% of the aggregate amount of the Revolving Lenders’ Revolving Commitments (minus the lesser of (a) $5.0 million and (b) letters of credit outstanding), as defined in the Credit Agreement. As of March 31, 2021, the Company was not subject to this covenant as borrowings under the Revolving Credit Facility did not exceed the 30% threshold. The Company was in compliance with all applicable debt covenants at March 31, 2021 and December 31, 2020. Real Estate Facility As of March 31, 2021 and December 31, 2020, Camping World Property, Inc. (the ‘‘Real Estate Borrower’’), an indirect wholly-owned subsidiary of CWGS, LLC, and CIBC Bank USA (“Lender”), were party to a loan and security agreement for a real estate credit facility with an aggregate maximum principal capacity of $21.5 million (“Real Estate Facility”). Borrowings under the Real Estate Facility are guaranteed by CWGS Group, LLC, a wholly-owned subsidiary of CWGS, LLC. The Real Estate Facility may be used to finance the acquisition of real estate assets. The Real Estate Facility is secured by first priority security interest on the real estate assets acquired with the proceeds of the Real Estate Facility (“Real Estate Facility Properties”). The Real Estate Facility matures on October 31, 2023. As of March 31, 2021, a principal balance of $4.4 million was outstanding under the Real Estate Facility, and the interest rate was 2.98% with a commitment fee of 0.50% of the aggregate unused principal amount of the Real Estate Facility. As of March 31, 2021, the Company had no available capacity under the Real Estate Facility. Management has determined that the credit agreement governing the Real Estate Facility includes subjective acceleration clauses, which could impact debt classification. Management has determined that no events have occurred at March 31, 2021 that would trigger a subjective acceleration clause. Additionally, the Real Estate Facility is subject to certain cross default provisions, a debt service coverage ratio, and other customary covenants. The Company was in compliance with all debt covenants at March 31, 2021 and December 31, 2020.

Lease Obligations

Lease Obligations3 Months Ended
Mar. 31, 2021
Lease Obligations
Lease Obligations7. Lease Obligations The following presents certain information related to the costs for leases (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Operating lease cost $ 29,159 ​ $ 31,000 Finance lease cost: ​ ​ ​ ​ ​ Amortization of finance lease assets ​ 928 ​ ​ — Interest on finance lease liabilities ​ 491 ​ ​ — Short-term lease cost ​ 485 ​ ​ 489 Variable lease cost ​ 5,974 ​ ​ 5,028 Sublease income ​ (466) ​ ​ (412) Net lease costs $ 36,571 ​ $ 36,105 ​ As of March 31, 2021 and December 31, 2020, finance lease assets of $38.9 million and $29.8 million, respectively, were included in property and equipment, net in the accompanying condensed consolidated balance sheets. The following presents supplemental cash flow information related to leases (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows for operating leases $ 29,533 ​ $ 30,737 Operating cash flows for finance leases ​ 467 ​ ​ — Financing cash flows for finance leases ​ 401 ​ ​ — Lease assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ New, remeasured, and terminated operating leases ​ 13,370 ​ ​ 18,804 New finance leases ​ 10,102 ​ ​ — ​

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Measurements
Fair Value Measurements8. Fair Value Measurements Accounting guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. There have been no transfers of assets or liabilities between the fair value measurement levels and there were no material re-measurements to fair value during 2021 and 2020 of assets and liabilities that are not measured at fair value on a recurring basis. The following table presents the reported carrying value and fair value information for the Company’s debt instruments. The fair values shown below for the Term Loan Facility, as applicable, are based on quoted prices in the inactive market for identical assets (Level 2), and the fair values shown below for the Floor Plan Facility, the Revolving Line of Credit, and the Real Estate Facility are estimated by discounting the future contractual cash flows at the current market interest rate that is available based on similar financial instruments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ March 31, 2021 ​ December 31, 2020 ($ in thousands) Measurement Carrying Value Fair Value Carrying Value Fair Value Term Loan Facility ​ Level 2 ​ $ 1,128,334 ​ $ 1,137,885 ​ $ 1,130,356 ​ $ 1,132,979 Floor Plan Facility Revolving Line of Credit ​ Level 2 ​ ​ 20,885 ​ ​ 21,152 ​ ​ 20,885 ​ ​ 20,791 Real Estate Facility ​ Level 2 ​ ​ 4,421 ​ ​ 4,576 ​ ​ 4,493 ​ ​ 4,600 ​

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies.
Commitments and Contingencies9. Commitments and Contingencies Litigation On October 19, 2018, a purported stockholder of the Company filed a putative class action lawsuit, captioned Ronge v. Camping World Holdings, Inc. et al. Strougo v. Camping World Holdings, Inc. et al. On March 5, 2019, a shareholder derivative suit styled Hunnewell v. Camping World Holdings, Inc., et al. On April 17, 2019, a shareholder derivative suit styled Lincolnshire Police Pension Fund v. Camping World Holdings, Inc., et al. Ronge On August 6, 2019, two shareholder derivative suits, styled Janssen v. Camping World Holdings, Inc., et al., Sandler v. Camping World Holdings, Inc. et al., the Company’s filings concerning the Company’s financial performance, the effectiveness of internal controls to ensure accurate financial reporting, and the success and profitability of the integration and rollout of Gander Outdoors (now Gander RV) stores; (iii) breaches of fiduciary duty, unjust enrichment, abuse of control, and gross mismanagement for allegedly causing or allowing the Company to disseminate to Camping World shareholders materially misleading and inaccurate information through the Company’s SEC filings; and (iv) breach of fiduciary duties for alleged insider selling and misappropriation of information (together, the “Janssen and Sandler Complaints”). The Janssen and Sandler Complaints seek restitutionary and/or compensatory damages, injunctive relief, disgorgement of all profits, benefits, and other compensation obtained by the certain of the Company’s officers and directors, attorneys’ fees and costs, and any other and further relief the court deems just and proper. On September 25, 2019, the Court granted the parties’ joint motion to consolidate the action and stay the action pending resolution of defendants’ motion to dismiss in the Ronge On May 28, 2020, Kamela Woodings (“Woodings”), in her representative capacity under the Private Attorney General Action (“PAGA”) filed a lawsuit styled Woodings v. FreedomRoads, LLC Woodings v. FreedomRoads, LLC On August 6, 2020, the Class Action was removed to the U.S. District Court for the Central District of California. On August 27, 2020, Woodings amended the Class Action to add a second plaintiff, Jodi Dormaier, representing a Washington subclass of all non-exempt FreedomRoads, LLC employees, in an amended lawsuit styled Kamela Woodings and Jodi Dormaier v. FreedomRoads, LLC (the “Amended Class Action”). pay overtime); Violation of Wash. Rev. Code §§ 49.12.020 (failure to provide meal breaks); Violation of Wash. Rev. Code §§ 49.12.020 (failure to provide rest breaks); Violation of Wash. Rev. Code §§ 49.48.010 (payment of wages upon termination); and Violation of Wash. Rev. Code §§ 49.52.050 (willful exemplary damages) seeking class certification, damages and restitution for all unpaid wages and other injuries to Woodings, Dormaier, and the putative class, pre-judgment interest, declaratory judgment establishing a violation of California Labor Code, California Business and Professional Code §§ 17200, et seq., Revised Code of Washington and other laws of the States of California and Washington, and public policy, compensatory damages including lost wages, earnings, liquidated damages, and other employee benefits together with interest, restitution, recovery of all money, actual damages and all other sums of money owed to Woodings, Dormaier, and the putative class members, together with interest, an accounting of FreedomRoads, LLC’s revenues, costs, and profits in connection with each sale of goods and services made by Woodings, Dormaier, and the putative class, and reasonable attorneys’ fees and costs, and any other and further relief the court deems just and proper. On January 18, 2021, the parties entered into a preliminary agreement to settle the Amended Class Action and the PAGA Complaint subject to the terms of a long-form settlement agreement to be executed by the parties and approval by the courts. As of March 31, 2021, the Company had a reserve totaling $4.0 million for estimated losses related to this matter, which is consistent with the preliminary settlement amount. No assurance can be made that these or similar suits will not result in a material financial exposure in excess of insurance coverage, which could have a material adverse effect upon the Company’s financial condition and results of operations. From time to time, the Company is involved in other litigation arising in the normal course of business operations. ​

Statement of Cash Flows

Statement of Cash Flows3 Months Ended
Mar. 31, 2021
Statement of Cash Flows
Statements of Cash Flows10 . Statement of Cash Flows Supplemental disclosures of cash flow information for the following periods (in thousands) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ 2021 2020 Cash paid during the period for: ​ ​ ​ ​ ​ ​ Interest ​ $ 14,530 ​ $ 22,955 Income taxes ​ ​ 400 ​ ​ 53 Non-cash investing activities: ​ ​ ​ ​ ​ ​ Leasehold improvements paid by lessor ​ ​ 4 ​ ​ 24 Vehicles transferred to property and equipment from inventory ​ ​ 305 ​ ​ 119 Capital expenditures in accounts payable and accrued liabilities ​ ​ 6,491 ​ ​ 3,325 Non-cash financing activities: ​ ​ ​ ​ ​ ​ Par value of Class A common stock issued in exchange for common units in CWGS, LLC ​ ​ 30 ​ ​ — Cost of treasury stock issued for vested restricted stock units ​ ​ 1,318 ​ ​ — ​

Acquisitions

Acquisitions3 Months Ended
Mar. 31, 2021
Acquisitions
Acquisitions11. Acquisitions During the three months ended March 31, 2020, the Company did not acquire any businesses. During the three months ended March 31, 2021, subsidiaries of the Company acquired the assets of three RV dealerships that constituted businesses under accounting rules. The Company used cash to complete the acquisitions. The Company considers acquisitions of independent dealerships to be a fast and capital efficient alternative to opening new retail locations to expand its business and grow its customer base. The acquired businesses were recorded at their estimated fair values under the acquisition method of accounting. The balance of the purchase prices in excess of the fair values of net assets acquired were recorded as goodwill. During the three months ended March 31, 2021, the RV and Outdoor Retail segment acquired the assets of various RV dealerships comprised of three locations for an aggregate purchase price of approximately $10.4 million plus real property of $6.7 million. One of these acquired locations will open after March 31, 2021 once facility improvements are completed. During the three months ended March 31, 2021, the Company purchased real property of $21.4 million of which $6.7 million was from parties related to the sellers of the businesses. The estimated fair values of the assets acquired and liabilities assumed for the acquisitions of dealerships consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ($ in thousands) 2021 2020 Tangible assets (liabilities) acquired (assumed): ​ ​ ​ ​ ​ ​ Inventories, net ​ $ 3,318 ​ $ (4) Property and equipment, net ​ ​ 188 ​ ​ — Accrued liabilities ​ ​ (112) ​ ​ — Total tangible net assets acquired ​ ​ 3,394 ​ ​ (4) Goodwill ​ ​ 7,012 ​ ​ 4 Cash paid for acquisitions ​ $ 10,406 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ The fair values above are preliminary relating to the three months ended March 31, 2021 as they are subject to measurement period adjustments for up to one year from the date of acquisition as new information is obtained about facts and circumstances that existed as of the acquisition date relating to the valuation of the acquired assets, primarily the acquired inventories. For the three months ended March 31, 2020, the fair values above represent measurement period adjustments for valuation of acquired inventories relating to dealership acquisitions during the year ended December 31, 2019. The primary items that generated the goodwill are the value of the expected synergies between the acquired businesses and the Company and the acquired assembled workforce, neither of which qualify for recognition as a separately identified intangible asset. For the three months ended March 31, 2021 and 2020, acquired goodwill of $7.0 million and $0 million, respectively, is expected to be deductible for tax purposes. Included in the three months ended March 31, 2021 condensed consolidated financial results were $0.01 million of revenue, and $0.2 million of pre-tax loss, respectively of the acquired dealerships from the applicable acquisition dates. Pro forma information on these acquisitions has not been included, because the Company has deemed them to not be individually or cumulatively material.

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Taxes
Income Taxes12. Income Taxes CWH is organized as a Subchapter C corporation and, as of March 31, 2021, is a 50.9% owner of CWGS, LLC (see Note 14 — Stockholders’ Equity and Note 15 — Non-Controlling Interests). CWGS, LLC is organized as a limited liability company and treated as a partnership for U.S. federal and most applicable state and local income tax purposes and as such, is generally not subject to any U.S. federal entity-level income taxes with the exception of Americas Road and Travel Club, Inc., Camping World, Inc. (“CW”), and FreedomRoads RV, Inc. and their wholly-owned subsidiaries, which are Subchapter C corporations. As further described in Note 1 — Summary of Significant Accounting Policies — COVID-19, in response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. These measures may include deferring the due dates of income tax and payroll tax payments or other changes to their income and non-income-based tax laws. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020 in the U.S., includes measures to assist companies, including temporary changes to income and non-income-based tax laws. For the three months ended March 31, 2021, there were no material tax impacts to the Company’s condensed consolidated financial statements as it relates to COVID-19 measures other than the deferral of non-income-based payroll taxes under the CARES Act of $29.2 million as of March 31, 2021, of which $14.6 million were included in other long-term liabilities in the condensed consolidated balance sheets. The Company will continue to monitor additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service and others. Furthermore, on March 11, 2021 the American Rescue Plan Act, a $1.9 trillion tax-and-spending package aimed at addressing the continuing economic and health impacts of the coronavirus pandemic, was enacted. The American Rescue Plan Act provisions do not have a material impact on the Company’s income tax expense and effective tax rate. For the three months ended March 31, 2021, the Company's effective income tax rate was 1.4%, which differed from the federal statutory rate of 21.0% primarily due to a portion of the Company’s earnings being attributable to non-controlling interests in limited liability companies, which are not subject to corporate level taxes, income tax benefits of $14.9 million recorded in the current period related to the release of the valuation allowance on deferred tax assets at CW that can now be included in state combined unitary income tax returns and $4.1 million for the revaluation of deferred tax assets as a result of increased state tax rates. For the three months ended March 31, 2020, the Company’s effective income tax rate was (41.3)% as a result of incurring income tax expense on a loss before income taxes, which was primarily driven by CW losses for which an income tax benefit could not be recognized as a result of the full valuation allowance on its deferred tax assets during that period. The Company evaluates its deferred tax assets on a quarterly basis to determine if they can be realized and establishes valuation allowances when it is more likely than not that all or a portion of the deferred tax assets may not be realized. At March 31, 2021 and December 31, 2020, the Company determined that all of its deferred tax assets (except those of CW and the Outside Basis Deferred Tax Asset discussed below) are more likely than not to be realized. The Company maintains a valuation allowance against the deferred tax assets of CW, excluding certain state deferred tax assets included in the state combined unitary income tax returns, since it was determined that it is more likely than not, based on available objective evidence, that CW would have insufficient taxable income in the current or carryforward periods under the tax laws to realize the future tax benefits for this portion of its deferred tax assets. The Company maintains a valuation allowance against the Outside Basis Deferred Tax Asset pertaining to the portion that is not amortizable for tax purposes, since the Company would likely only realize the non-amortizable portion of the Outside Basis Deferred Tax Asset if the investment in CWGS, LLC was divested. The Company is party to the Tax Receivable Agreement that provides for the payment by the Company to the Continuing Equity Owners and Crestview Partners II GP, L.P. of 85% of the amount of tax benefits, if any, the Company actually realizes, or in some circumstances is deemed to realize, as a result of (i) increases in the tax basis from the purchase of common units from Crestview Partners II GP, L.P. in exchange for Class A common stock in connection with the consummation of the IPO and the related transactions and any future redemptions that are funded by the Company and any future redemptions or exchanges of common units by Continuing Equity Owners as described above and (ii) certain other tax benefits attributable to payments made under the Tax Receivable Agreement. During the three months ended March 31, 2021 and 2020, 3,029,328 and 20,000 common units in CWGS, LLC, respectively, were exchanged for Class A common stock subject to the provisions of the Tax Receivable Agreement. The Company recognized a liability for the Tax Receivable Agreement payments due to those parties that redeemed common units, representing 85% of the aggregate tax benefits the Company expects to realize from the tax basis increases related to the exchange, after concluding it was probable that the Tax Receivable Agreement payments would be paid based on estimates of future taxable income. As of March 31, 2021 and December 31, 2020, the amount of Tax Receivable Agreement payments due under the Tax Receivable Agreement was $175.5 million and $145.9 million, respectively, of which $8.1 million at each date was included in the current portion of the Tax Receivable Agreement liability in the condensed consolidated balance sheets. The Tax Receivable Agreement liability and the related Deferred Tax Assets for the Tax Receivable Agreement liability and the investment in CWGS, LLC increased $26.1 million and $30.7 million, respectively, as a result of Continuing Equity Owner’s, primarily Crestview Partners II GP, L.P., combined redemption of 3.0 million common units in CWGS, LLC for 3.0 million shares of the Company’s Class A common stock during the three months ended March 31, 2021 and were recorded to additional paid-in capital (see the condensed consolidated statements of stockholders’ equity (deficit)). Payments pursuant to the Tax Receivable Agreement relating to these redemptions would begin during the year ended December 31, 2022. ​ On April 30, 2021, Crestview Partners II GP, L.P. redeemed 0.4 million common units in CWGS, LLC for 0.4 million shares of the Company’s Class A common stock as a result of transactions pursuant to a Rule 10b5-1 trading plan. The estimated increase in deferred tax assets, the non-current portion of the Tax Receivable Agreement liability, and additional paid-in capital resulting from these redemptions is $5.4 million, $4.6 million, and $0.8 million, respectively. Payments pursuant to the Tax Receivable Agreement relating to these redemptions would begin during the year ending December 31, 2022. ​

Related Party Transactions

Related Party Transactions3 Months Ended
Mar. 31, 2021
Related Party Transactions
Related Party Transactions13. Related Party Transactions Transactions with Directors, Equity Holders and Executive Officers FreedomRoads leases various retail locations from managers and officers. During the three months ended March 31, 2021 and 2020, the related party lease expense for these locations was $0.5 million and $0.5 million, respectively. In January 2012, FreedomRoads entered into a lease (the “Original Lease”) for the offices in Lincolnshire, Illinois, which was amended as of March 2013 (the “First Amendment”). The Original Lease base rent of $29,000 per month was increased to $31,500 per month in March 2013 by virtue of the First Amendment and is subject to annual increases. As of November 1, 2019, by way of the Second Amendment to the Office Lease (together with the Original Lease and the First Amendment, collectively, the “Office Lease”), the Company began leasing additional space for an additional monthly base rent of $5,200. The Company’s Chairman and Chief Executive Officer has personally guaranteed the Office Lease. Other Transactions The Company does business with certain companies in which Mr. Lemonis has a direct or indirect material interest. The Company purchased fixtures for interior store sets at the Company’s retail locations from Precise Graphix. Mr. Lemonis has had a 67% economic interest in Precise Graphix, which is currently in dispute. The Company is not a party to the dispute. The Company received refunds from Precise Graphix totaling $0.2 million for the three months ended March 31, 2021, and paid $0.1 million for the three months ended March 31, 2020. The Company paid Kaplan, Strangis and Kaplan, P.A., of which Andris A. Baltins is a member, and a member of the Company’s board of directors, $0.1 million and $0.0 million during the three months ended March 31, 2021 and 2020, respectively, for legal services. ​

Stockholders' Equity

Stockholders' Equity3 Months Ended
Mar. 31, 2021
Stockholders' Equity
Stockholders' Equity14. Stockholders’ Equity CWH has authorized preferred stock and three classes of common stock. The Class A common stock entitles the holders to receive dividends; distributions upon the liquidation, dissolution, or winding up of the Company; and have voting rights. The Class B common stock and Class C common stock entitles the holders to voting rights, which in certain cases are disproportionate to the voting rights of the Class A common stock; however, the holders of Class B common stock and Class C common stock are not entitled to receive dividends or distributions upon the liquidation, dissolution, or winding up of the Company. CWH is the sole managing member of CWGS, LLC and, although CWH had a minority economic interest in CWGS, LLC through March 11, 2021, CWH has had and continues to have the sole voting power in, and controls the management of, CWGS, LLC. Accordingly, the Company consolidated the financial results of CWGS, LLC and reported a non-controlling interest in its consolidated financial statements. In accordance with the amended and restated limited liability company agreement of CWGS, LLC (the “LLC Agreement”), the Continuing Equity Owners with common units in CWGS, LLC may elect to exchange or redeem the common units for newly-issued shares of the Company’s Class A common stock or cash at the Company’s election, subject to certain restrictions. If the redeeming or exchanging party also holds Class B common stock, then simultaneously with the payment of cash or newly-issued shares of Class A common stock, as applicable, in connection with a redemption or exchange of common units, a number of shares of the Company’s Class B common stock will be cancelled for no consideration on a one-for-one basis with the number of common units so redeemed or exchanged. As required by the LLC Agreement, the Company must, at all times, maintain a one-to-one ratio between the number of outstanding shares of Class A common stock and the number of common units of CWGS, LLC owned by CWH (subject to certain exceptions for treasury shares Stock Repurchase Program On October 30, 2020, the Company’s Board of Directors authorized a stock repurchase program for the repurchase of up to $100.0 million of the Company’s Class A common stock, expiring on October 31, 2022. Repurchases under the program are subject to any applicable limitations on the availability of funds to be distributed to the Company by CWGS, LLC to fund repurchases and may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases to be determined at the Company’s discretion, depending on market conditions and corporate needs. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. This program does not obligate the Company to acquire any particular amount of Class A common stock and the program may be extended, modified, suspended or discontinued at any time at the Board’s discretion. The Company expects to fund the repurchases using cash on hand. During the three months ended March 31, 2021, the Company did not repurchase any shares of Class A common stock under this program. Class A common stock held as treasury stock is not considered outstanding. During the three months ended March 31, 2021, the Company reissued 133,281 shares of Class A common stock from treasury stock to settle the exercises of stock options and vesting of restricted stock units. As of March 31, 2021, the remaining approved amount for repurchases of Class A common stock under the share repurchase program was approximately $78.5 million.

Non-Controlling Interests

Non-Controlling Interests3 Months Ended
Mar. 31, 2021
Non-Controlling Interests
Non-Controlling Interests15. Non-Controlling Interests As described in Note 14 — Stockholders’ Equity, CWH is the sole managing member of CWGS, LLC and, as a result, consolidates the financial results of CWGS, LLC. The Company reports a non-controlling interest representing the common units of CWGS, LLC held by Continuing Equity Owners. Changes in CWH’s ownership interest in CWGS, LLC while CWH retains its controlling interest in CWGS, LLC will be accounted for as equity transactions. As such, future redemptions or direct exchanges of common units of CWGS, LLC by the Continuing Equity Owners will result in a change in ownership and reduce or increase the amount recorded as non-controlling interest and increase or decrease additional paid-in capital when CWGS, LLC has positive or negative net assets, respectively. At December 31, 2020, CWGS, LLC had negative net assets, which resulted in negative non-controlling interest amounts on the condensed consolidated balance sheets. At the end of each period, the Company will record a non-controlling interest adjustment to additional paid-in capital such that the non-controlling interest on the condensed consolidated balance sheet is equal to the non-controlling interest’s ownership share of the underlying CWGS, LLC net assets (see the condensed consolidated statement of stockholders’ equity (deficit)). As of March 31, 2021 and December 31, 2020, there were 89,176,457 and 89,043,176 common units of CWGS, LLC outstanding, respectively, of which CWH owned 45,388,998 and 42,226,389 common units of CWGS, LLC, respectively, representing 50.9% and 47.4% ownership interests in CWGS, LLC, respectively, and the Continuing Equity Owners owned 43,787,459 and 46,816,787 common units of CWGS, LLC, respectively, representing 49.1% and 52.6% ownership interests in CWGS, LLC, respectively. During the three months ended March 31, 2021, Crestview redeemed 2.8 million common units of CWGS, LLC in exchange for 2.8 million shares of the Company’s Class A common stock, which also resulted in the cancellation of 2.8 million shares of the Company’s Class B common stock that was previously held by Crestview with no additional consideration provided. On April 30, 2021, Crestview redeemed 0.4 million common units of CWGS, LLC in exchange for 0.4 million shares of the Company’s Class A common stock, which also resulted in the cancellation of 0.4 million shares of the Company’s Class B common stock that was previously held by Crestview with no additional consideration provided. The following table summarizes the effects of changes in ownership in CWGS, LLC on the Company’s equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ($ in thousands) 2021 2020 Net income (loss) attributable to Camping World Holdings, Inc. ​ $ 62,322 ​ $ (8,160) Transfers to non-controlling interests: ​ ​ ​ ​ ​ ​ Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the exercise of stock options ​ ​ (1,012) ​ ​ — (Decrease) increase in additional paid-in capital as a result of the vesting of restricted stock units ​ ​ (1,220) ​ ​ 82 Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs ​ ​ (25) ​ ​ (212) Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC ​ ​ 22,926 ​ ​ 4 Change from net income (loss) attributable to Camping World Holdings, Inc. and transfers to non-controlling interests ​ $ 82,991 ​ $ (8,286) ​

Equity-based Compensation Plans

Equity-based Compensation Plans3 Months Ended
Mar. 31, 2021
Equity-based Compensation Plans
Equity-based Compensation Plans16. Equity-based Compensation Plans The following table summarizes the equity-based compensation that has been included in the following line items within the consolidated statements of operations during: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ March 31, ($ in thousands) 2021 2020 Equity-based compensation expense: ​ ​ ​ ​ ​ Costs applicable to revenue $ 158 ​ $ 156 Selling, general, and administrative ​ 5,951 ​ ​ 3,156 Total equity-based compensation expense $ 6,109 ​ $ 3,312 ​ The following table summarizes stock option activity for the three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ Stock Options ​ (in thousands) Outstanding at December 31, 2020 ​ ​ 470 Exercised ​ ​ (91) Forfeited ​ ​ (4) Outstanding at March 31, 2021 ​ ​ 375 Options exercisable at March 31, 2021 ​ ​ 375 ​ The following table summarizes restricted stock unit activity for the three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ Restricted ​ ​ Stock Units ​ (in thousands) Outstanding at December 31, 2020 ​ ​ 3,392 Granted ​ ​ 23 Vested ​ ​ (49) Forfeited ​ ​ (74) Outstanding at March 31, 2021 ​ ​ 3,292 ​ During the three months ended March 31, 2021, the Company granted 22,500 RSUs to employees with an aggregate grant date fair value of $0.8 million and weighted-average grant date fair value of $34.84, which will be recognized, net of forfeitures, over a vesting period of five years. Between April 16, 2021 and May 3, 2021, the Company granted 113,553 RSUs to employees with an aggregate grant date fair value of $4.6 million and weighted-average grant date fair value of $40.08, which will be recognized, net of forfeitures, over vesting periods of four

Earnings Per Share

Earnings Per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share
Earnings Per Share17. Earnings Per Share Basic earnings per share of Class A common stock is computed by dividing net income available to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing net income available to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, (In thousands except per share amounts) ​ 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 147,425 ​ $ (14,129) Less: net (income) loss attributable to non-controlling interests ​ ​ (85,103) ​ ​ 5,969 Net income (loss) attributable to Camping World Holdings, Inc. — basic ​ $ 62,322 ​ $ (8,160) Add: reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock ​ ​ 63,980 ​ ​ — Net income (loss) attributable to Camping World Holdings, Inc. — ​ $ 126,302 ​ $ (8,160) Denominator: ​ ​ ​ ​ ​ ​ Weighted-average shares of Class A common stock outstanding — basic ​ ​ 43,584 ​ ​ 37,534 Dilutive options to purchase Class A common stock ​ ​ 165 ​ ​ — Dilutive restricted stock units ​ ​ 955 ​ ​ — Dilutive common units of CWGS, LLC that are convertible into Class A common stock ​ ​ 45,534 ​ ​ — Weighted-average shares of Class A common stock outstanding — diluted ​ ​ 90,238 ​ ​ 37,534 ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share of Class A common stock — basic ​ $ 1.43 ​ $ (0.22) Earnings (loss) per share of Class A common stock — diluted ​ $ 1.40 ​ $ (0.22) ​ ​ ​ ​ ​ ​ ​ Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock: ​ ​ ​ ​ ​ ​ Stock options to purchase Class A common stock ​ ​ — ​ ​ 738 Restricted stock units ​ ​ 1 ​ ​ 1,732 Common units of CWGS, LLC that are convertible into Class A common stock ​ ​ — ​ ​ 51,649 ​ Shares of the Company’s Class B common stock and Class C common stock do not share in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B common stock or Class C common stock under the two-class method has not been presented.

Segment Information

Segment Information3 Months Ended
Mar. 31, 2021
Segment Information
Segments Information18. Segments Information The Company has the following two reportable segments: (i) Good Sam Services and Plans, and (ii) RV and Outdoor Retail. Within the Good Sam Services and Plans segment, the Company primarily derives revenue from the sale of the following offerings: emergency roadside assistance plans; property and casualty insurance programs; travel assist programs; extended vehicle service contracts; vehicle refinancing and refinancing assistance; consumer shows and events; and consumer publications and directories. Within the RV and Outdoor Retail segment, the Company primarily derives revenue from the sale of new and used RVs; commissions on the finance and insurance contracts related to the sale of RVs; the sale of RV service and maintenance work; the sale of RV parts, accessories, and supplies; the sale of outdoor products, equipment, gear and supplies; business to business distribution of RV furniture; and the sale of Good Sam Club memberships and co-branded credit cards. The reportable segments identified above are the business activities of the Company for which discrete financial information is available and for which operating results are regularly reviewed by the Company’s chief operating decision maker to allocate resources and assess performance. The Company’s chief operating decision maker is a group comprised of the Chief Executive Officer and the President. Segment revenue includes intersegment revenue. Segment income includes intersegment allocations for subsidiaries and shared resources. Reportable segment revenue; segment income; floor plan interest expense; depreciation and amortization; other interest expense, net; and total assets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Good Sam ​ RV and ​ ​ ​ ​ ​ ​ Services ​ Outdoor ​ Intersegment ​ ​ ​ ($ in thousands) and Plans Retail Eliminations Total Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam services and plans $ 40,912 ​ $ — ​ $ (41) ​ $ 40,871 New vehicles ​ — ​ ​ 823,775 ​ ​ (1,799) ​ ​ 821,976 Used vehicles ​ — ​ ​ 295,029 ​ ​ (772) ​ ​ 294,257 Products, service and other ​ — ​ ​ 251,590 ​ ​ (320) ​ ​ 251,270 Finance and insurance, net ​ — ​ ​ 141,620 ​ ​ (3,366) ​ ​ 138,254 Good Sam Club ​ — ​ ​ 11,153 ​ ​ — ​ ​ 11,153 Total consolidated revenue $ 40,912 ​ $ 1,523,167 ​ $ (6,298) ​ $ 1,557,781 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ Good Sam ​ RV and ​ ​ ​ ​ ​ ​ Services ​ Outdoor ​ Intersegment ​ ​ ​ ($ in thousands) and Plans Retail Eliminations Total Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam services and plans $ 48,692 ​ $ — ​ $ (1,484) ​ $ 47,208 New vehicles ​ — ​ ​ 498,396 ​ ​ (1,079) ​ ​ 497,317 Used vehicles ​ — ​ ​ 207,233 ​ ​ (568) ​ ​ 206,665 Products, service and other ​ — ​ ​ 173,012 ​ ​ (389) ​ ​ 172,623 Finance and insurance, net ​ — ​ ​ 94,448 ​ ​ (1,992) ​ ​ 92,456 Good Sam Club ​ — ​ ​ 11,004 ​ ​ — ​ ​ 11,004 Total consolidated revenue $ 48,692 ​ $ 984,093 ​ $ (5,512) ​ $ 1,027,273 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ March 31, ($ in thousands) 2021 2020 Segment income (loss): (1) ​ ​ ​ ​ ​ Good Sam Services and Plans $ 21,183 ​ $ 21,340 RV and Outdoor Retail ​ 159,036 ​ ​ 128 Total segment income ​ 180,219 ​ ​ 21,468 Corporate & other ​ (2,352) ​ ​ (2,729) Depreciation and amortization ​ (12,701) ​ ​ (14,078) Other interest expense, net ​ (12,223) ​ ​ (14,658) Tax Receivable Agreement liability adjustment ​ (3,520) ​ ​ — Other income, net ​ 45 ​ ​ — Income (loss) before income taxes $ 149,468 ​ $ (9,997) (1) Segment income is defined as income from operations before depreciation and amortization plus floor plan interest expense. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ($ in thousands) 2021 2020 Depreciation and amortization: ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ $ 809 ​ $ 756 RV and Outdoor Retail ​ ​ 11,892 ​ ​ 13,322 Total depreciation and amortization ​ $ 12,701 ​ $ 14,078 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ($ in thousands) 2021 2020 Other interest expense, net: ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ $ — ​ $ — RV and Outdoor Retail ​ ​ 1,802 ​ ​ 1,892 Subtotal ​ ​ 1,802 ​ ​ 1,892 Corporate & other ​ ​ 10,421 ​ ​ 12,766 Total other interest expense, net ​ $ 12,223 ​ $ 14,658 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ($ in thousands) 2021 2020 Assets: ​ ​ ​ ​ ​ Good Sam Services and Plans $ 91,559 ​ $ 140,825 RV and Outdoor Retail ​ 3,206,209 ​ ​ 2,881,637 Subtotal ​ 3,297,768 ​ ​ 3,022,462 Corporate & other ​ 305,392 ​ ​ 233,969 Total assets $ 3,603,160 ​ $ 3,256,431 ​ ​ ​ ​ ​ ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Summary of Significant Accounting Policies
Principles of Consolidation and Basis of PresentationPrinciples of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of Camping World Holdings, Inc. and its subsidiaries, and are presented in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. All intercompany accounts and transactions of the Company and its subsidiaries have been eliminated in consolidation. The condensed consolidated financial statements as of and for the three months ended March 31, 2021 are unaudited. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 26, 2021. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. CWH was formed on March 8, 2016 as a Delaware corporation for the purpose of facilitating an IPO and other related transactions in order to carry on the business of CWGS, LLC. CWGS, LLC was formed in March 2011 when it received, through contribution from its then parent company, all of the membership interests of Affinity Group Holding, LLC and FreedomRoads Holding Company, LLC (“FreedomRoads”). The IPO and related reorganization transactions that occurred on October 6, 2016 resulted in CWH as the sole managing member of CWGS, LLC, with CWH having sole voting power in and control of the management of CWGS, LLC (see Note 14 — Stockholders’ Equity). Despite its position as sole managing member of CWGS, LLC, CWH had a minority economic interest in CWGS, LLC through March 11, 2021. As of March 31, 2021 and December 31, 2020, CWH owned 50.9% and 47.4%, respectively, of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its condensed consolidated financial statements. The Company does not have any components of other comprehensive income recorded within its condensed consolidated financial statements, and, therefore, does not separately present a statement of comprehensive income in its condensed consolidated financial statements.
COVID-19COVID-19 A novel strain of coronavirus was declared a pandemic by the World Health Organization in March 2020. To date, COVID-19 has surfaced in nearly all regions of the world and resulted in travel restrictions and business slowdowns or shutdowns in affected areas. Many affected areas have begun the process of easing restrictions and reopening certain businesses often under new operating guidelines, although new waves of infection may lead to an increase in such restrictions or closures. In conjunction with the stay-at-home and shelter-in-place restrictions enacted in many areas, the Company saw significant sequential declines in its overall customer traffic levels and its overall revenues from the mid-March to mid-to-late April 2020 timeframe. In the latter part of April, the Company began to see a significant improvement in its online web traffic levels and number of electronic leads, and in early May, the Company began to see improvements in its overall revenue levels. As the stay-at-home restrictions began to ease across certain areas of the country, the Company experienced significant acceleration in its in-store and online traffic, lead generation, and revenue trends in May 2020 continuing through the quarter ended March 31, 2021. In order to offset the initially expected adverse impact of COVID-19 and better align expenses with reduced sales in the middle of March 2020 and early April 2020, the Company temporarily reduced salaries and hours throughout the business, including for its executive officers, and implemented headcount and other cost reductions. Most of these temporary salary reductions ended in May 2020 as the adverse impacts of the pandemic began to decline and the Company increased hours for certain employees and reinstated many positions from the initial headcount reductions as the demand for the Company’s products increased. The Company has also taken steps to add new private label lines, expand its relationships with smaller recreational vehicle (“RV”) manufacturers, and acquire used inventory to help manage risks in its supply chain. Throughout the pandemic, the majority of the Company’s retail locations have continued to operate as essential businesses and the Company has continued to operate its e-commerce business. Annually, most of the Company’s consumer shows and events take place during the first quarter. As a consequence of COVID-19, the Company held no consumer shows in the first quarter of 2021 and held fewer consumer shows and events during 2020 than in 2019. Since March 2020, the Company has implemented preparedness plans to keep its employees and customers safe, which include social distancing, providing employees with face coverings and/or other protective clothing as required, implementing additional cleaning and sanitization routines, and work-from-home directives for a significant portion of the Company’s workforce.
Description of the BusinessDescription of the Business Camping World Holdings, Inc., together with its subsidiaries, is America’s largest retailer of RVs and related products and services. As noted above, CWGS, LLC is a holding company and operates through its subsidiaries. The Company has the following two reportable segments: (i) Good Sam Services and Plans and (ii) RV and Outdoor Retail. See Note 18 – Segments Information to the condensed consolidated financial statements for further information about the Company’s segments. Within the Good Sam Services and Plans segment, the Company primarily derives revenue from the sale of the following offerings: emergency roadside assistance plans; property and casualty insurance programs; travel assist programs; extended vehicle service contracts; vehicle financing and refinancing assistance; consumer shows and events; and consumer publications and directories. Within the RV and Outdoor Retail segment, the Company primarily derives revenue from the sale of new and used RVs; commissions on the finance and insurance contracts related to the sale of RVs; the sale of RV services and maintenance work; the sale of RV parts, accessories, and supplies; the sale of outdoor products, equipment, gear and supplies; business to business distribution of RV furniture; and the sale of Good Sam Club memberships and co-branded credit cards. The Company operates a national network of RV dealerships and service centers as well as a comprehensive e-commerce platform primarily under the Camping World and Gander RV & Outdoors brands, and markets its products and services primarily to RV and outdoor enthusiasts. In 2019, the Company made a strategic decision to refocus its business around its core RV competencies, and on September 3, 2019, the board of directors approved a strategic plan to shift the business away from locations that did not have the ability or where it was not feasible to sell and/or service RVs (the “2019 Strategic Shift”) (see Note 4 – Restructuring and Long-lived Asset Impairment). A summary of the retail store openings, closings, divestitures, conversions and number of locations from March 31, 2020 to March 31, 2021, are in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RV RV Service & Other ​ ​ ​ Dealerships Retail Centers Retail Stores Total Number of store locations as of March 31, 2020 ​ 157 ​ 10 ​ 1 ​ 168 Opened ​ 13 ​ — ​ — ​ 13 Closed / divested ​ (3) ​ — ​ (1) ​ (4) Temporarily closed (1) ​ (2) ​ — ​ — ​ (2) Re-opened ​ — ​ — ​ 1 ​ 1 Number of store locations as of March 31, 2021 ​ 165 ​ 10 ​ 1 ​ 176 ​ (1) These locations were temporarily closed for facility modification.
Reclassifications of Prior Period AmountsReclassifications of Prior Period Amounts Certain prior-period amounts have been reclassified to conform to the current period presentation. Specifically, the current and noncurrent portions of finance lease liabilities have been reclassified to be presented separately from current and noncurrent portions of long-term debt, respectively, in the accompanying condensed consolidated balance sheet as of December 31, 2020.
Use of EstimatesUse of Estimates The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. The Company bases its estimates and judgments on historical experience and other assumptions that management believes are reasonable. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties, including those uncertainties arising from COVID-19, and, as a result, actual results could differ materially from these estimates. The Company periodically evaluates estimates and assumptions used in the preparation of the financial statements and makes changes on a prospective basis when adjustments are necessary. Significant estimates made in the accompanying condensed consolidated financial statements include certain assumptions related to accounts receivable, inventory, goodwill, intangible assets, long lived assets, long-lived asset impairments, program cancellation reserves, chargebacks, and accruals related to estimated tax liabilities, product return reserves, and other liabilities.
Recently Adopted Accounting PronouncementsRecently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This standard reduces complexity by removing specific exceptions to general principles related to intraperiod tax allocations, ownership changes in foreign investments, and interim period income tax accounting for year-to-date losses that exceed anticipated losses. This standard also simplifies accounting for franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The Company adopted ASU 2019-12 as of January 1, 2021 and the adoption did not materially impact its condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)3 Months Ended
Mar. 31, 2021
Summary of Significant Accounting Policies
Schedule of store locations​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RV RV Service & Other ​ ​ ​ Dealerships Retail Centers Retail Stores Total Number of store locations as of March 31, 2020 ​ 157 ​ 10 ​ 1 ​ 168 Opened ​ 13 ​ — ​ — ​ 13 Closed / divested ​ (3) ​ — ​ (1) ​ (4) Temporarily closed (1) ​ (2) ​ — ​ — ​ (2) Re-opened ​ — ​ — ​ 1 ​ 1 Number of store locations as of March 31, 2021 ​ 165 ​ 10 ​ 1 ​ 176 ​ (1) These locations were temporarily closed for facility modification.

Revenue (Tables)

Revenue (Tables)3 Months Ended
Mar. 31, 2021
Revenue
Summary of total unsatisfied performance obligation for these revenue streams, that the Company expects to recognize the amounts as revenue​ ​ ​ ​ ​ As of ​ March 31, 2021 2021 $ 73,967 2022 ​ ​ 38,506 2023 ​ ​ 19,951 2024 ​ ​ 9,538 2025 ​ ​ 5,175 Thereafter ​ ​ 5,138 Total ​ $ 152,275 ​ ​ ​ ​

Inventories and Floor Plan Pa_2

Inventories and Floor Plan Payable (Tables)3 Months Ended
Mar. 31, 2021
Inventory
Schedule of inventoriesInventories consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Good Sam services and plans ​ $ 44 ​ $ 109 New RVs ​ ​ 715,085 ​ ​ 691,114 Used RVs ​ ​ 190,176 ​ ​ 178,336 Products, parts, accessories and other ​ ​ 284,203 ​ ​ 266,786 ​ ​ $ 1,189,508 ​ $ 1,136,345 ​
Floor Plan Facility
Inventory
Schedule of outstanding amounts and available borrowingThe following table details the outstanding amounts and available borrowings under the Floor Plan Facility as of March 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Floor Plan Facility ​ ​ ​ ​ ​ ​ Notes payable - floor plan: ​ ​ ​ ​ ​ ​ Total commitment ​ $ 1,379,750 ​ $ 1,379,750 Less: borrowings, net ​ ​ (539,687) ​ ​ (522,455) Less: flooring line aggregate interest reduction account ​ ​ (136,609) ​ ​ (133,639) Additional borrowing capacity ​ ​ 703,454 ​ ​ 723,656 Less: accounts payable for sold inventory ​ ​ (89,886) ​ ​ (28,980) Less: purchase commitments ​ ​ (67,249) ​ ​ (39,121) Unencumbered borrowing capacity ​ $ 546,319 ​ $ 655,555 ​ ​ ​ ​ ​ ​ ​ Revolving line of credit: ​ $ 45,000 ​ $ 48,000 Less: borrowings ​ ​ (20,885) ​ ​ (20,885) Additional borrowing capacity ​ $ 24,115 ​ $ 27,115 ​ ​ ​ ​ ​ ​ ​ Letters of credit: ​ ​ ​ ​ ​ ​ Total commitment ​ $ 15,000 ​ $ 15,000 Less: outstanding letters of credit ​ ​ (11,732) ​ ​ (11,732) Additional letters of credit capacity ​ $ 3,268 ​ $ 3,268 ​ ​ ​ ​ ​ ​ ​

Restructuring and Long-lived _2

Restructuring and Long-lived Asset Impairment (Tables)3 Months Ended
Mar. 31, 2021
Restructuring and Long-lived Asset Impairment
Schedule of expenses associated with the 2019 Strategic ShiftThe following table details the costs incurred during the three months ended March 31, 2021 and 2020 associated with the 2019 Strategic Shift (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, 2021 March 31, 2020 Restructuring costs: ​ ​ ​ ​ ​ One-time termination benefits (1) $ — ​ $ 180 Lease termination costs (2) ​ 1,431 ​ ​ 589 Incremental inventory reserve charges (3) ​ — ​ ​ 486 Other associated costs (4) ​ 3,067 ​ ​ 5,616 Total restructuring costs $ 4,498 ​ $ 6,871 ​ (1) These costs incurred in the first three months 2020 were primarily included in costs applicable to revenues – products, service and other in the condensed consolidated statements of operations. (2) These costs were included in lease termination charges in the condensed consolidated statements of operations. This reflects termination fees paid, net of any gain from derecognition of the related operating lease assets and liabilities. (3) These costs were included in costs applicable to revenue – products, service and other in the condensed consolidated statements of operations. (4) Other associated costs primarily represent labor, lease, and other operating expenses incurred during the post-close wind-down period for the locations related to the 2019 Strategic Shift. For the three months ended March 31, 2021 and 2020, costs of approximately $0.0 million and $0.3 million were included in costs applicable to revenue – products, service and other and $3.1 million and $5.3 million were included in selling, general, and administrative expenses, respectively, in the condensed consolidated statements of operations.
Schedule of changes in the restructuring accrual associated with the 2019 Strategic ShiftThe following table details changes in the restructuring accrual associated with the 2019 Strategic Shift (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One-time Lease Other ​ ​ Termination Termination Associated ​ ​ Benefits Costs (1) Costs Total Balance at June 30, 2019 ​ $ — ​ $ — ​ $ — ​ $ — Charged to expense ​ ​ 1,008 ​ ​ 1,350 ​ ​ 4,321 ​ ​ 6,679 Paid or otherwise settled ​ ​ (286) ​ ​ (1,350) ​ ​ (4,036) ​ ​ (5,672) Balance at December 31, 2019 ​ ​ 722 ​ ​ — ​ ​ 285 ​ ​ 1,007 Charged to expense ​ ​ 231 ​ ​ 10,532 ​ ​ 16,835 ​ ​ 27,598 Paid or otherwise settled ​ ​ (953) ​ ​ (10,532) ​ ​ (16,346) ​ ​ (27,831) Balance at December 31, 2020 ​ ​ — ​ ​ — ​ ​ 774 ​ ​ 774 Charged to expense ​ ​ — ​ ​ 1,650 ​ ​ 3,067 ​ ​ 4,717 Paid or otherwise settled ​ ​ — ​ ​ (1,650) ​ ​ (3,540) ​ ​ (5,190) Balance at March 31, 2021 ​ $ — ​ $ — ​ $ 301 ​ $ 301 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Lease termination costs exclude the $1.3 million, $6.1 million and $0.2 million of gains from the derecognition of the operating lease assets and liabilities relating to the terminated leases as part of the 2019 Strategic Shift for the six months ended December 31, 2019, for the year ended December 31, 2020 and for the three months ended March 31, 2021, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets
Changes in goodwill by business lineThe following is a summary of changes in the Company’s goodwill by segment for the three months ended March 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam ​ ​ ​ ​ ​ ​ ​ Services and ​ RV and ​ ​ ​ ​ Plans Outdoor Retail Consolidated Balance as of December 31, 2020 (excluding impairment charges) ​ $ 70,713 ​ $ 584,247 ​ $ 654,960 Accumulated impairment charges ​ ​ (46,884) ​ ​ (194,953) ​ ​ (241,837) Balance as of December 31, 2020 ​ ​ 23,829 ​ ​ 389,294 ​ ​ 413,123 Acquisitions ​ ​ — ​ ​ 7,012 ​ ​ 7,012 Balance as of March 31, 2021 ​ $ 23,829 ​ $ 396,306 ​ $ 420,135 ​ ​
Finite-lived intangible assets and related accumulated amortizationFinite-lived intangible assets and related accumulated amortization consisted of the following at March 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ Cost or ​ Accumulated ​ ​ ​ ​ Fair Value Amortization Net Good Sam Services and Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ Membership and customer lists ​ $ 9,140 ​ $ (8,639) ​ $ 501 RV and Outdoor Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer lists and domain names ​ ​ 3,476 ​ ​ (2,022) ​ ​ 1,454 Supplier lists ​ ​ 1,696 ​ ​ (170) ​ ​ 1,526 Trademarks and trade names ​ ​ 29,564 ​ ​ (7,173) ​ ​ 22,391 Websites ​ ​ 6,140 ​ ​ (2,827) ​ ​ 3,313 ​ ​ $ 50,016 ​ $ (20,831) ​ $ 29,185 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Cost or ​ Accumulated ​ ​ ​ ​ Fair Value Amortization Net Good Sam Services and Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ Membership and customer lists ​ $ 9,140 ​ $ (8,568) ​ $ 572 RV and Outdoor Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplier lists ​ ​ 3,476 ​ ​ (1,930) ​ ​ 1,546 Customer lists and domain names ​ ​ 1,696 ​ ​ (85) ​ ​ 1,611 Trademarks and trade names ​ ​ 29,564 ​ ​ (6,681) ​ ​ 22,883 Websites ​ ​ 6,140 ​ ​ (2,630) ​ ​ 3,510 ​ ​ $ 50,016 ​ $ (19,894) ​ $ 30,122

Long-Term Debt (Tables)

Long-Term Debt (Tables)3 Months Ended
Mar. 31, 2021
Long-Term Debt
Long-Term debtOutstanding long-term debt consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Term Loan Facility (1) ​ $ 1,128,334 ​ $ 1,130,356 Real Estate Facility (2) ​ ​ 4,421 ​ ​ 4,493 Subtotal ​ ​ 1,132,755 ​ ​ 1,134,849 Less: current portion ​ ​ (12,174) ​ ​ (12,174) Total ​ $ 1,120,581 ​ $ 1,122,675 ​ ​ ​ ​ ​ ​ ​ (1) Net of $3.0 million and $3.2 million of original issue discount at March 31, 2021 and December 31, 2020, respectively, and $7.3 million and $7.9 million of finance costs at March 31, 2021 and December 31, 2020, respectively. (2) Finance costs at March 31, 2021 and December 31, 2020 were not significant.
Schedule of outstanding amounts and available borrowings under the Senior Secured Credit FacilitiesThe following table details the outstanding amounts and available borrowings under the Senior Secured Credit Facilities as of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Senior Secured Credit Facilities: ​ ​ ​ ​ ​ ​ Term Loan Facility: ​ ​ ​ ​ ​ ​ Principal amount of borrowings ​ $ 1,195,000 ​ $ 1,195,000 Less: cumulative principal payments ​ ​ (56,432) ​ ​ (53,459) Less: unamortized original issue discount ​ ​ (2,970) ​ ​ (3,241) Less: finance costs ​ ​ (7,264) ​ ​ (7,944) ​ ​ ​ 1,128,334 ​ ​ 1,130,356 Less: current portion ​ ​ (11,891) ​ ​ (11,891) Long-term debt, net of current portion ​ $ 1,116,443 ​ $ 1,118,465 Revolving Credit Facility: ​ ​ ​ ​ ​ ​ Total commitment ​ $ 35,000 ​ $ 35,000 Less: outstanding letters of credit ​ ​ (5,930) ​ ​ (5,930) Additional borrowing capacity ​ $ 29,070 ​ $ 29,070 ​ ​ ​ ​ ​ ​ ​

Lease Obligations (Tables)

Lease Obligations (Tables)3 Months Ended
Mar. 31, 2021
Lease Obligations
Summary of lease costThe following presents certain information related to the costs for leases (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Operating lease cost $ 29,159 ​ $ 31,000 Finance lease cost: ​ ​ ​ ​ ​ Amortization of finance lease assets ​ 928 ​ ​ — Interest on finance lease liabilities ​ 491 ​ ​ — Short-term lease cost ​ 485 ​ ​ 489 Variable lease cost ​ 5,974 ​ ​ 5,028 Sublease income ​ (466) ​ ​ (412) Net lease costs $ 36,571 ​ $ 36,105
Schedule of cash flow supplemental informationThe following presents supplemental cash flow information related to leases (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows for operating leases $ 29,533 ​ $ 30,737 Operating cash flows for finance leases ​ 467 ​ ​ — Financing cash flows for finance leases ​ 401 ​ ​ — Lease assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ New, remeasured, and terminated operating leases ​ 13,370 ​ ​ 18,804 New finance leases ​ 10,102 ​ ​ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Measurements
Summary of aggregate carrying value and fair value of fixed rate debt​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ March 31, 2021 ​ December 31, 2020 ($ in thousands) Measurement Carrying Value Fair Value Carrying Value Fair Value Term Loan Facility ​ Level 2 ​ $ 1,128,334 ​ $ 1,137,885 ​ $ 1,130,356 ​ $ 1,132,979 Floor Plan Facility Revolving Line of Credit ​ Level 2 ​ ​ 20,885 ​ ​ 21,152 ​ ​ 20,885 ​ ​ 20,791 Real Estate Facility ​ Level 2 ​ ​ 4,421 ​ ​ 4,576 ​ ​ 4,493 ​ ​ 4,600

Statement of Cash Flows (Tables

Statement of Cash Flows (Tables)3 Months Ended
Mar. 31, 2021
Statement of Cash Flows
Supplemental disclosures of cash flow informationSupplemental disclosures of cash flow information for the following periods (in thousands) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ 2021 2020 Cash paid during the period for: ​ ​ ​ ​ ​ ​ Interest ​ $ 14,530 ​ $ 22,955 Income taxes ​ ​ 400 ​ ​ 53 Non-cash investing activities: ​ ​ ​ ​ ​ ​ Leasehold improvements paid by lessor ​ ​ 4 ​ ​ 24 Vehicles transferred to property and equipment from inventory ​ ​ 305 ​ ​ 119 Capital expenditures in accounts payable and accrued liabilities ​ ​ 6,491 ​ ​ 3,325 Non-cash financing activities: ​ ​ ​ ​ ​ ​ Par value of Class A common stock issued in exchange for common units in CWGS, LLC ​ ​ 30 ​ ​ — Cost of treasury stock issued for vested restricted stock units ​ ​ 1,318 ​ ​ —

Acquisitions (Tables)

Acquisitions (Tables)3 Months Ended
Mar. 31, 2021
Assets Or Stock Of Multiple Dealership Locations Acquired [Member]
Acquisitions
Summary of the purchase price allocations​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ($ in thousands) 2021 2020 Tangible assets (liabilities) acquired (assumed): ​ ​ ​ ​ ​ ​ Inventories, net ​ $ 3,318 ​ $ (4) Property and equipment, net ​ ​ 188 ​ ​ — Accrued liabilities ​ ​ (112) ​ ​ — Total tangible net assets acquired ​ ​ 3,394 ​ ​ (4) Goodwill ​ ​ 7,012 ​ ​ 4 Cash paid for acquisitions ​ $ 10,406 ​ $ — ​ ​ ​ ​ ​ ​ ​

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)3 Months Ended
Mar. 31, 2021
Non-Controlling Interests
Schedule of effects of change in ownership​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ($ in thousands) 2021 2020 Net income (loss) attributable to Camping World Holdings, Inc. ​ $ 62,322 ​ $ (8,160) Transfers to non-controlling interests: ​ ​ ​ ​ ​ ​ Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the exercise of stock options ​ ​ (1,012) ​ ​ — (Decrease) increase in additional paid-in capital as a result of the vesting of restricted stock units ​ ​ (1,220) ​ ​ 82 Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs ​ ​ (25) ​ ​ (212) Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC ​ ​ 22,926 ​ ​ 4 Change from net income (loss) attributable to Camping World Holdings, Inc. and transfers to non-controlling interests ​ $ 82,991 ​ $ (8,286)

Equity-based Compensation Pla_2

Equity-based Compensation Plans (Tables)3 Months Ended
Mar. 31, 2021
Equity-based Compensation Plans
Schedule of equity-based compensation expense classified with the consolidated statements of operations​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ March 31, ($ in thousands) 2021 2020 Equity-based compensation expense: ​ ​ ​ ​ ​ Costs applicable to revenue $ 158 ​ $ 156 Selling, general, and administrative ​ 5,951 ​ ​ 3,156 Total equity-based compensation expense $ 6,109 ​ $ 3,312
Summary of stock option activity​ ​ ​ ​ ​ ​ ​ Stock Options ​ (in thousands) Outstanding at December 31, 2020 ​ ​ 470 Exercised ​ ​ (91) Forfeited ​ ​ (4) Outstanding at March 31, 2021 ​ ​ 375 Options exercisable at March 31, 2021 ​ ​ 375
Summary of restricted stock unit activity​ ​ ​ ​ ​ ​ ​ Restricted ​ ​ Stock Units ​ (in thousands) Outstanding at December 31, 2020 ​ ​ 3,392 Granted ​ ​ 23 Vested ​ ​ (49) Forfeited ​ ​ (74) Outstanding at March 31, 2021 ​ ​ 3,292

Earnings Per Share (Tables)

Earnings Per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share
Schedule of reconciliations of the numerators and denominators used to compute basic and diluted earnings​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, (In thousands except per share amounts) ​ 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 147,425 ​ $ (14,129) Less: net (income) loss attributable to non-controlling interests ​ ​ (85,103) ​ ​ 5,969 Net income (loss) attributable to Camping World Holdings, Inc. — basic ​ $ 62,322 ​ $ (8,160) Add: reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock ​ ​ 63,980 ​ ​ — Net income (loss) attributable to Camping World Holdings, Inc. — ​ $ 126,302 ​ $ (8,160) Denominator: ​ ​ ​ ​ ​ ​ Weighted-average shares of Class A common stock outstanding — basic ​ ​ 43,584 ​ ​ 37,534 Dilutive options to purchase Class A common stock ​ ​ 165 ​ ​ — Dilutive restricted stock units ​ ​ 955 ​ ​ — Dilutive common units of CWGS, LLC that are convertible into Class A common stock ​ ​ 45,534 ​ ​ — Weighted-average shares of Class A common stock outstanding — diluted ​ ​ 90,238 ​ ​ 37,534 ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share of Class A common stock — basic ​ $ 1.43 ​ $ (0.22) Earnings (loss) per share of Class A common stock — diluted ​ $ 1.40 ​ $ (0.22) ​ ​ ​ ​ ​ ​ ​ Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock: ​ ​ ​ ​ ​ ​ Stock options to purchase Class A common stock ​ ​ — ​ ​ 738 Restricted stock units ​ ​ 1 ​ ​ 1,732 Common units of CWGS, LLC that are convertible into Class A common stock ​ ​ — ​ ​ 51,649

Segments Information (Tables)

Segments Information (Tables)3 Months Ended
Mar. 31, 2021
Segment Information
Reportable segment revenue​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Good Sam ​ RV and ​ ​ ​ ​ ​ ​ Services ​ Outdoor ​ Intersegment ​ ​ ​ ($ in thousands) and Plans Retail Eliminations Total Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam services and plans $ 40,912 ​ $ — ​ $ (41) ​ $ 40,871 New vehicles ​ — ​ ​ 823,775 ​ ​ (1,799) ​ ​ 821,976 Used vehicles ​ — ​ ​ 295,029 ​ ​ (772) ​ ​ 294,257 Products, service and other ​ — ​ ​ 251,590 ​ ​ (320) ​ ​ 251,270 Finance and insurance, net ​ — ​ ​ 141,620 ​ ​ (3,366) ​ ​ 138,254 Good Sam Club ​ — ​ ​ 11,153 ​ ​ — ​ ​ 11,153 Total consolidated revenue $ 40,912 ​ $ 1,523,167 ​ $ (6,298) ​ $ 1,557,781 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ Good Sam ​ RV and ​ ​ ​ ​ ​ ​ Services ​ Outdoor ​ Intersegment ​ ​ ​ ($ in thousands) and Plans Retail Eliminations Total Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam services and plans $ 48,692 ​ $ — ​ $ (1,484) ​ $ 47,208 New vehicles ​ — ​ ​ 498,396 ​ ​ (1,079) ​ ​ 497,317 Used vehicles ​ — ​ ​ 207,233 ​ ​ (568) ​ ​ 206,665 Products, service and other ​ — ​ ​ 173,012 ​ ​ (389) ​ ​ 172,623 Finance and insurance, net ​ — ​ ​ 94,448 ​ ​ (1,992) ​ ​ 92,456 Good Sam Club ​ — ​ ​ 11,004 ​ ​ — ​ ​ 11,004 Total consolidated revenue $ 48,692 ​ $ 984,093 ​ $ (5,512) ​ $ 1,027,273 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Reportable segment income​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ March 31, ($ in thousands) 2021 2020 Segment income (loss): (1) ​ ​ ​ ​ ​ Good Sam Services and Plans $ 21,183 ​ $ 21,340 RV and Outdoor Retail ​ 159,036 ​ ​ 128 Total segment income ​ 180,219 ​ ​ 21,468 Corporate & other ​ (2,352) ​ ​ (2,729) Depreciation and amortization ​ (12,701) ​ ​ (14,078) Other interest expense, net ​ (12,223) ​ ​ (14,658) Tax Receivable Agreement liability adjustment ​ (3,520) ​ ​ — Other income, net ​ 45 ​ ​ — Income (loss) before income taxes $ 149,468 ​ $ (9,997) (1) Segment income is defined as income from operations before depreciation and amortization plus floor plan interest expense.
Reportable depreciation and amortization and other interest expense, net​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ($ in thousands) 2021 2020 Depreciation and amortization: ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ $ 809 ​ $ 756 RV and Outdoor Retail ​ ​ 11,892 ​ ​ 13,322 Total depreciation and amortization ​ $ 12,701 ​ $ 14,078 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ($ in thousands) 2021 2020 Other interest expense, net: ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ $ — ​ $ — RV and Outdoor Retail ​ ​ 1,802 ​ ​ 1,892 Subtotal ​ ​ 1,802 ​ ​ 1,892 Corporate & other ​ ​ 10,421 ​ ​ 12,766 Total other interest expense, net ​ $ 12,223 ​ $ 14,658
Reportable segment assets​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ($ in thousands) 2021 2020 Assets: ​ ​ ​ ​ ​ Good Sam Services and Plans $ 91,559 ​ $ 140,825 RV and Outdoor Retail ​ 3,206,209 ​ ​ 2,881,637 Subtotal ​ 3,297,768 ​ ​ 3,022,462 Corporate & other ​ 305,392 ​ ​ 233,969 Total assets $ 3,603,160 ​ $ 3,256,431 ​ ​ ​ ​ ​ ​

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Description of Business (Details)3 Months Ended12 Months Ended
Mar. 31, 2021locationsegmentMar. 31, 2021locationDec. 31, 2020
Segments Information
Number of reportable segments | segment2
Number of stores, beginning of period168
Opened13
Closed/divested(4)
Temporarily closed(2)
Reopened1
Number of stores, end of period176 176
RV Dealerships
Segments Information
Number of stores, beginning of period157
Opened13
Closed/divested(3)
Temporarily closed(2)
Number of stores, end of period165 165
RV Service And Retail Centers
Segments Information
Number of stores, beginning of period10
Number of stores, end of period10 10
Other Retail Stores
Segments Information
Number of stores, beginning of period1
Closed/divested(1)
Reopened1
Number of stores, end of period1 1
CWH | CWGS, LLC
Segments Information
Ownership interest50.90%47.40%

Revenue - Contract Assets (Deta

Revenue - Contract Assets (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Accounts Receivable | RV Service
Revenue
Contract asset $ 10.3 $ 8.1

Revenue - Performance Obligatio

Revenue - Performance Obligation (Details) $ in ThousandsMar. 31, 2021USD ($)
Performance obligation
Revenue expected to be recognized $ 152,275
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Performance obligation
Revenue expected to be recognized $ 73,967
Unsatisfied performance obligation, period9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Performance obligation
Revenue expected to be recognized $ 38,506
Unsatisfied performance obligation, period1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Performance obligation
Revenue expected to be recognized $ 19,951
Unsatisfied performance obligation, period1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Performance obligation
Revenue expected to be recognized $ 9,538
Unsatisfied performance obligation, period1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Performance obligation
Revenue expected to be recognized $ 5,175
Unsatisfied performance obligation, period1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Performance obligation
Revenue expected to be recognized $ 5,138
Unsatisfied performance obligation, period

Inventories and Floor Plan Pa_3

Inventories and Floor Plan Payable - Inventories (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Inventories
Inventories $ 1,189,508 $ 1,136,345
Good Sam Club services and plans
Inventories
Inventories44 109
New RV vehicles
Inventories
Inventories715,085 691,114
Used RV vehicles
Inventories
Inventories190,176 178,336
Products, service and other
Inventories
Inventories $ 284,203 $ 266,786

Inventories and Floor Plan Pa_4

Inventories and Floor Plan Payable - Floor Plan Payable (Details) $ in ThousandsMay 12, 2020Mar. 31, 2021USD ($)Dec. 31, 2020USD ($)Sep. 01, 2020May 11, 2020
Floor Plan Facility
Floor Plan Payable
Period for temporary reduction in consolidated current ratio4 months
Number of days into 2021 the notice can be given7 days
Maximum borrowing capacity $ 1,379,750 $ 1,379,750
Quarterly reduction in maximum borrowing capacity3,000
FLAIR offset account amount136,600 133,600
FLAIR Maximum Percentage30.00%20.00%20.00%
Letters of credit | Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity15,000
Line of Credit | Floor Plan Facility
Floor Plan Payable
Maximum borrowing capacity $ 45,000 $ 48,000
Line of Credit | Notes Payable to Banks | Floor Plan Facility, floor plan notes | London Interbank Offered Rate (LIBOR)
Floor Plan Payable
Variable rate spread (as a percent)2.05%2.05%
Variable rate basis (as a percent)0.120.15
Line of Credit | Notes Payable to Banks | Floor Plan Facility, floor plan notes | London Interbank Offered Rate (LIBOR) | Minimum
Floor Plan Payable
Variable rate spread (as a percent)2.05%
Line of Credit | Notes Payable to Banks | Floor Plan Facility, floor plan notes | London Interbank Offered Rate (LIBOR) | Maximum
Floor Plan Payable
Variable rate spread (as a percent)2.50%
Line of Credit | Notes Payable to Banks | Floor Plan Facility, floor plan notes | Base Rate | Minimum
Floor Plan Payable
Variable rate spread (as a percent)0.55%
Line of Credit | Notes Payable to Banks | Floor Plan Facility, floor plan notes | Base Rate | Maximum
Floor Plan Payable
Variable rate spread (as a percent)1.00%

Inventories and Floor Plan Pa_5

Inventories and Floor Plan Payable - Floor Plan Outstanding (Details) - Floor Plan Facility - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Floor Plan Payable
Total commitment $ 1,379,750 $ 1,379,750
Less: borrowings, net(539,687)(522,455)
Less: flooring line aggregate interest reduction account(136,609)(133,639)
Additional borrowing capacity703,454 723,656
Less: accounts payable for sold inventory(89,886)(28,980)
Less: purchase commitments67,249 39,121
Unencumbered borrowing capacity546,319 655,555
Line of Credit
Floor Plan Payable
Total commitment45,000 48,000
Less: borrowings, net(20,885)(20,885)
Additional borrowing capacity24,115 27,115
Letters of credit
Floor Plan Payable
Total commitment15,000 15,000
Less: outstanding letters of credit(11,732)(11,732)
Additional letters of credit capacity $ 3,268 $ 3,268

Restructuring and Long-lived _3

Restructuring and Long-lived Asset Impairment (Details) $ in Thousands3 Months Ended6 Months Ended7 Months Ended12 Months Ended
Mar. 31, 2021USD ($)Mar. 31, 2020USD ($)Dec. 31, 2019USD ($)Mar. 31, 2021USD ($)locationMar. 31, 2021USD ($)locationDec. 31, 2020USD ($)Jun. 30, 2020location
2019 Strategic Shift
Closed/divested | location4
Restructuring Costs
Charged to expense $ 6,871
Long-lived Asset Impairment
Long-lived asset impairment $ 546 6,569
Leasehold improvements
Long-lived Asset Impairment
Long-lived asset impairment2,400
Furniture and equipment
Long-lived Asset Impairment
Long-lived asset impairment2,600
Operating lease right-of-use assets
Long-lived Asset Impairment
Long-lived asset impairment1,600
Other associated costs
Restructuring Costs
Charged to expense5,616
Selling, general, and administrative | One-time termination benefits
Restructuring Costs
Charged to expense180
Costs applicable to revenue | Incremental inventory reserve charges
Restructuring Costs
Charged to expense486
Lease termination charges | Lease Termination Costs
Restructuring Costs
Charged to expense589
2019 Strategic Shift
2019 Strategic Shift
Number of distribution centers closed | location3
Number of distribution centers reopened and repurposed | location1
Incurred costs24,200 $ 24,200 $ 24,200
Restructuring Costs
Charged to expense4,498
Gain from derecognition of the operating lease assets and liabilities relating to the terminated leases200 $ 1,300 $ 6,100
Long-lived Asset Impairment
Long-lived asset impairment500 6,500
2019 Strategic Shift | Minimum
2019 Strategic Shift
Expected incurred costs92,600 92,600 92,600
Additional costs to be incurred6,800 6,800 6,800
2019 Strategic Shift | Maximum
2019 Strategic Shift
Expected incurred costs113,600 113,600 113,600
Additional costs to be incurred9,800 9,800 9,800
2019 Strategic Shift | One-time termination benefits
Restructuring Costs
Beginning balance722 722
Charged to expense1,008 231
Paid or otherwise settled(286)(953)
Ending balance722
2019 Strategic Shift | One-time termination benefits | Minimum
2019 Strategic Shift
Expected incurred costs1,200
2019 Strategic Shift | Contract termination
Restructuring Costs
Charged to expense1,650 1,350 10,532
Paid or otherwise settled(1,650)(1,350)(10,532)
2019 Strategic Shift | Lease Termination Costs
2019 Strategic Shift
Incurred costs13,500 13,500 13,500
2019 Strategic Shift | Lease Termination Costs | Minimum
2019 Strategic Shift
Expected incurred costs18,000 18,000 18,000
2019 Strategic Shift | Lease Termination Costs | Maximum
2019 Strategic Shift
Expected incurred costs36,000 36,000 36,000
2019 Strategic Shift | Incremental inventory reserve charges
2019 Strategic Shift
Expected incurred costs42,400
2019 Strategic Shift | Other associated costs
2019 Strategic Shift
Incurred costs24,200 24,200 24,200
Restructuring Costs
Beginning balance774 285 285
Charged to expense3,067 4,321 16,835
Paid or otherwise settled(3,540)(4,036)(16,346)
Ending balance301 285 301 301 774
2019 Strategic Shift | Other associated costs | Minimum
2019 Strategic Shift
Expected incurred costs31,000 31,000 31,000
2019 Strategic Shift | Other associated costs | Maximum
2019 Strategic Shift
Expected incurred costs34,000 34,000 34,000
2019 Strategic Shift | Restructuring costs excluding incremental inventory reserve charges
Restructuring Costs
Beginning balance774 1,007 1,007
Charged to expense4,717 6,679 27,598
Paid or otherwise settled(5,190)(5,672)(27,831)
Ending balance301 $ 1,007 $ 301 $ 301 $ 774
2019 Strategic Shift | Selling, general, and administrative | Other associated costs
Restructuring Costs
Charged to expense3,100 5,300
2019 Strategic Shift | Costs applicable to revenue | Other associated costs
Restructuring Costs
Charged to expense0 $ 300
2019 Strategic Shift | Lease termination charges | Lease Termination Costs
Restructuring Costs
Charged to expense $ 1,431
2019 Strategic Shift | Outdoor Lifestyle Locations
2019 Strategic Shift
Closed/divested | location39
2019 Strategic Shift | Specialty Retail locations
2019 Strategic Shift
Closed/divested | location20

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Goodwill
Balance (excluding impairment charges) $ 654,960
Accumulated impairment charges(241,837)
Balance $ 413,123
Acquisitions7,012
Goodwill impairment $ 0
Balance420,135
Good Sam Services and Plans
Goodwill
Balance (excluding impairment charges)70,713
Accumulated impairment charges(46,884)
Balance23,829
Acquisitions
Balance23,829
RV and Outdoor Retail
Goodwill
Balance (excluding impairment charges)584,247
Accumulated impairment charges $ (194,953)
Balance389,294
Acquisitions7,012
Balance $ 396,306

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Finite-lived Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Intangible Assets
Cost or Fair Value $ 50,016 $ 50,016
Accumulated Amortization(20,831)(19,894)
Net29,185 30,122
Good Sam Club services and plans | Membership and customer lists
Intangible Assets
Cost or Fair Value9,140 9,140
Accumulated Amortization(8,639)(8,568)
Net501 572
RV and Outdoor Retail | Customer lists and domain names
Intangible Assets
Cost or Fair Value3,476 1,696
Accumulated Amortization(2,022)(85)
Net1,454 1,611
RV and Outdoor Retail | Supplier Lists
Intangible Assets
Cost or Fair Value1,696 3,476
Accumulated Amortization(170)(1,930)
Net1,526 1,546
RV and Outdoor Retail | Trademarks and trade names
Intangible Assets
Cost or Fair Value29,564 29,564
Accumulated Amortization(7,173)(6,681)
Net22,391 22,883
RV and Outdoor Retail | Websites
Intangible Assets
Cost or Fair Value6,140 6,140
Accumulated Amortization(2,827)(2,630)
Net $ 3,313 $ 3,510

Long-Term Debt - Outstanding lo

Long-Term Debt - Outstanding long term debt (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Long-Term Debt
Long-term debt $ 1,132,755 $ 1,134,849
Less: current portion(12,174)(12,174)
Long-term debt, net of current portion1,120,581 1,122,675
Term Loan Facility
Long-Term Debt
Long-term debt1,128,334 1,130,356
Unamortized discount3,000 3,200
Finance costs7,300 7,900
Real Estate Facility
Long-Term Debt
Long-term debt $ 4,421 $ 4,493

Long-Term Debt - Senior Secured

Long-Term Debt - Senior Secured Credit Facilities (Details) - Secured Debt - USD ($) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Line of Credit | Term Loan Facility
Long-Term Debt
Maximum borrowing capacity $ 1,190 $ 1,190
Prepayment requirement as a percentage of excess cash flow (as a percent)50.00%
Principal payment frequencyquarterlyquarterly
Quarterly amortization payment $ 3 $ 3
Line of Credit | New Senior Secured Credit Facility Revolving Credit Facility
Long-Term Debt
Amount subtracted from aggregate borrowings in determining compliance with the total leverage ratio $ 5
The minimum percentage of the aggregate amount of the revolving lenders revolving commitments30.00%
Revolving loans | New Senior Secured Credit Facility Revolving Credit Facility
Long-Term Debt
Maximum borrowing capacity $ 35 35
Letters of credit | New Senior Secured Credit Facility Revolving Credit Facility
Long-Term Debt
Maximum amount allocated to letters of credit $ 15 $ 15

Long-Term Debt - Outstanding am

Long-Term Debt - Outstanding amounts and available borrowings under Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Total commitment $ 20,885 $ 20,885
Term Loan Facility
Debt Instrument [Line Items]
Less: unamortized original issue discount(3,000)(3,200)
Less: finance costs(7,300)(7,900)
Secured Debt | New Senior Secured Credit Facility
Debt Instrument [Line Items]
Additional borrowing capacity29,070 29,070
Secured Debt | Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity1,195,000 1,195,000
Less: cumulative principal payments(56,432)(53,459)
Less: unamortized original issue discount(2,970)(3,241)
Less: finance costs(7,264)(7,944)
Total commitment1,128,334 1,130,356
Less: current portion(11,891)(11,891)
Long-term debt, net of current portion1,116,443 1,118,465
Secured Debt | New Senior Secured Credit Facility Revolving Credit Facility
Debt Instrument [Line Items]
Total commitment35,000 35,000
Less: outstanding letters of credit $ (5,930) $ (5,930)

Long-Term Debt - Real Estate Fa

Long-Term Debt - Real Estate Facility (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Revolving line of credit $ 20,885 $ 20,885
New Senior Secured Credit Facility | Secured Debt
Debt Instrument [Line Items]
Additional borrowing capacity29,070 29,070
Term Loan Facility | Secured Debt
Debt Instrument [Line Items]
Revolving line of credit1,128,334 1,130,356
Line of Credit | Real Estate Facility | Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity $ 21,500 21,500
Interest rate (as a percent)2.98%
Commitment fee (as a percent)0.50%
Additional borrowing capacity $ 0
Revolving line of credit4,400
Line of Credit | Term Loan Facility | Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity $ 1,190,000 $ 1,190,000
Interest rate (as a percent)3.53%

Lease Obligations - Lease Costs

Lease Obligations - Lease Costs (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Lease costs
Operating lease cost $ 29,159 $ 31,000
Amortization of finance lease assets928
Interest on finance lease liabilities491
Short-term lease cost485 489
Variable lease cost5,974 5,028
Sublease income(466)(412)
Net lease costs $ 36,571 $ 36,105

Lease Obligations - Financial S

Lease Obligations - Financial Statement Line Items (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Lease Obligations
Finance lease assets $ 38.9 $ 29.8
Financial Statement Line Itemsus-gaap:PropertyPlantAndEquipmentNetus-gaap:PropertyPlantAndEquipmentNet

Lease Obligations - Supplementa

Lease Obligations - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Lease Obligations
Operating cash flows for operating leases $ 29,533 $ 30,737
Operating cash flows for finance leases467
Financing cash flows for finance leases401
New, remeasured, and terminated operating leases13,370 $ 18,804
New finance leases $ 10,102

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Fair Value Measurements
Transfers of assets between the fair value measurement levels 1 to level 2 $ 0 $ 0
Transfers of assets between the fair value measurement levels 2 to level 10 0
Transfers of liabilities between the fair value measurement levels 1 to level 20 0
Transfers of liabilities between the fair value measurement levels 2 to level 10 0
Transfers of assets or liabilities between the fair value measurement levels 30 0
Level 2 | Carrying Value | Term Loan Facility
Fair Value Measurements
Debt instrument1,128,334 1,130,356
Level 2 | Carrying Value | Floor Plan Facility
Fair Value Measurements
Debt instrument20,885 20,885
Level 2 | Carrying Value | Real Estate Facility
Fair Value Measurements
Debt instrument4,421 4,493
Level 2 | Fair Value | Term Loan Facility
Fair Value Measurements
Debt instrument1,137,885 1,132,979
Level 2 | Fair Value | Floor Plan Facility
Fair Value Measurements
Debt instrument21,152 20,791
Level 2 | Fair Value | Real Estate Facility
Fair Value Measurements
Debt instrument $ 4,576 $ 4,600

Commitments and Contingencies -

Commitments and Contingencies - Litigation (Details) $ in MillionsMar. 31, 2021USD ($)Aug. 06, 2019lawsuit
U S District Court of Delaware Cases
Commitments and Contingencies
Number of lawsuits | lawsuit2
Class Action and the PAGA Action
Commitments and Contingencies
Reserve for estimated losses | $ $ 4

Statement of Cash Flows (Detail

Statement of Cash Flows (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash paid during the period for:
Interest $ 14,530 $ 22,955
Income taxes400 53
Non-cash investing activities:
Leasehold improvements paid by lessor4 24
Vehicles transferred to property and equipment from inventory305 119
Capital expenditures in accounts payable and accrued liabilities6,491 $ 3,325
Non-cash financing activities:
Par value of Class A common stock issued in exchange for common units in CWGS, LLC30
Cost of treasury stock issued for vested restricted stock units $ 1,318

Acquisitions - General Informat

Acquisitions - General Information (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)location
Acquisitions
Real properties purchased $ 21.4
Real properties purchased from parties related to the sellers of the dealership businesses $ 6.7
RV Dealership Groups
Acquisitions
Number of locations acquired | location3
Payments to acquire assets $ 10.4
Real properties purchased $ 6.7
Number of locations to be open after current reporting period | location1

Acquisitions - Assets (Liabilit

Acquisitions - Assets (Liabilities) Acquired (Assumed) at Fair Value (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Tangible assets (liabilities) acquired (assumed):
Goodwill $ 420,135 $ 413,123
Cash paid for acquisitions10,406 $ 0
2021 Acquisitions
Tangible assets (liabilities) acquired (assumed):
Inventories, net3,318
Property and equipment, net188
Accrued liabilities(112)
Total tangible net assets acquired3,394
Goodwill7,012
Cash paid for acquisitions $ 10,406
2020 Acquisitions
Tangible assets (liabilities) acquired (assumed):
Inventories, net(4)
Total tangible net assets acquired(4)
Goodwill $ 4

Acquisitions - Goodwill, Revenu

Acquisitions - Goodwill, Revenue and Pre-Tax (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Acquisitions
Goodwill for tax purposes $ 7,000 $ 0
Revenue10
Pre-tax income (loss) $ (200)

Income Taxes - Federal Tax purp

Income Taxes - Federal Tax purpose (Details) - USD ($) $ in ThousandsApr. 30, 2021Oct. 06, 2016Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Effective tax rate (as a percent)1.40%(41.30%)
Valuation allowance on deffered tax assets $ 14,900
Current portion of liabilities under tax receivable agreement8,089 $ 8,089
Increase in deferred tax assets $ 5,400
Increase in non-current portion of Tax Receivable Agreement liability4,600
Increase in additional paid-in capital $ 800
Increase (decrease) in valuation allowance $ 4,100
Common Class A
Shares issued46,112,336 43,083,008
Class A common stock issued in exchange for common units in CWGS, LLC400,000 3,000,000
Tax receivable agreement | CWGS, LLC
Units issued in exchange3,029,328 20,000
Tax receivable agreement | Continuing Equity Owners and Crestview partners II GP LP
Payment, as percent of tax benefits (as a percent)85.00%
Tax receivable agreement | Crestview Partners II GP LP
Liability under tax receivable agreement $ 175,500 $ 145,900
Current portion of liabilities under tax receivable agreement8,100 $ 8,100
Increase in tax receivable agreement liability26,100
Increase Decrease In Deferred Tax Asset Due To Tax Receivable Agreement.30,700
COVID-19
Deferral of non-income-based payroll taxes29,200
COVID-19 | other long-term liabilities
Deferral of non-income-based payroll taxes $ 14,600
Federal
Effective tax rate (as a percent)21.00%
CWH | CWGS, LLC
Ownership interest50.90%47.40%
Crestview Partners II GP LP | Common Class A
Class A common stock issued in exchange for common units in CWGS, LLC400,000 2,800,000
Crestview Partners II GP LP | CWGS, LLC
Common units redeemed400,000 2,800,000
Number of units redeemed400,000 3,000,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)Nov. 01, 2019Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Mar. 31, 2013Jan. 31, 2012
Related Party Agreement | Andris A. Baltins
Related party transactions
Related party expense $ 100,000 $ 0
Related Party Agreement | Precise Graphix
Related party transactions
Related party expense100,000
Refund received200,000
FreedomRoads | Mr. Lemonis
Related party transactions
Base rent $ 31,500
FreedomRoads | Lease Agreement | Managers and Officers
Related party transactions
Related party expense $ 500,000 $ 500,000
FreedomRoads | Lease Agreement | Mr. Lemonis
Related party transactions
Base rent $ 29,000,000
Additional monthly base rent $ 5,200,000
Mr. Lemonis | Precise Graphix
Related party transactions
Economic interest (as a percent)67.00%

Stockholder's Equity (Details)

Stockholder's Equity (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)classsharesOct. 30, 2020USD ($)
Stockholders' Equity
Number of classes of common stock | class3
Shares reissued from treasury stock | shares133,281
Authorized amount for stock repurchase program $ 78,500 $ 100,000
Common Class B
Stockholders' Equity
Consideration for redemption of shares $ 0

Non-Controlling Interests (Deta

Non-Controlling Interests (Details) - USD ($) $ in ThousandsApr. 30, 2021Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Summarizes the effects of change in ownership:
Net income (loss) attributable to Camping World Holdings, Inc. $ 62,322 $ (8,160)
Transfers to non-controlling interests:
Change from net income (loss) attributable to Camping World Holdings, Inc. and transfers to non-controlling interests $ 82,991 (8,286)
Common Class A
Non-Controlling Interests
Class A common stock issued in exchange for common units in CWGS, LLC400,000 3,000,000
Common stock, issued46,112,336 43,083,008
Common Class B
Non-Controlling Interests
Common stock, issued69,066,445 69,066,445
Common units cancelled400,000 2,800,000
Additional Paid-in Capital
Transfers to non-controlling interests:
Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the exercise of stock options $ (1,012)
(Decrease) increase in additional paid-in capital as a result of the vesting of restricted stock units(1,220)82
Decrease in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs(25)(212)
Increase (decrease) in additional paid-in capital as a result of the redemption of common units of CWGS, LLC $ 22,926 $ 4
CWGS, LLC
Non-Controlling Interests
LLC outstanding89,176,457 89,043,176
CWH | CWGS, LLC
Non-Controlling Interests
Units held45,388,998 42,226,389
Ownership interest50.90%47.40%
Continuing Equity Owners | CWGS, LLC
Non-Controlling Interests
Units held43,787,459 46,816,787
Percentage of ownership49.10%52.60%
Crestview Partners II GP LP | Common Class A
Non-Controlling Interests
Class A common stock issued in exchange for common units in CWGS, LLC400,000 2,800,000
Crestview Partners II GP LP | CWGS, LLC
Non-Controlling Interests
Common units redeemed400,000 2,800,000

Equity-based Compensation Pla_3

Equity-based Compensation Plans - Summary of Equity-Based Compensation (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Equity-based compensation expense:
Equity based compensation expense $ 6,109 $ 3,312
Costs applicable to revenue
Equity-based compensation expense:
Equity based compensation expense158 156
Selling, general, and administrative
Equity-based compensation expense:
Equity based compensation expense $ 5,951 $ 3,156

Equity-based Compensation Pla_4

Equity-based Compensation Plans - Stock Options (Details) - shares shares in Thousands1 Months Ended3 Months Ended
May 03, 2021Mar. 31, 2021
Stock options
Stock Options
Outstanding at December 31, 2019 (in shares)470
Exercised (in shares)(91)
Forfeited (in shares)(4)
Outstanding at December 31, 2020 (in shares)375
Options exercisable at December 31, 2020 (in shares)375
Restricted Stock Units (RSUs)
Share-based Compensation Plans
Vesting period5 years
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Plans
Vesting period5 years
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Plans
Vesting period4 years

Equity-based Compensation Pla_5

Equity-based Compensation Plans - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Millions1 Months Ended3 Months Ended
May 03, 2021Mar. 31, 2021
Restricted Stock Units
Outstanding at December 31, 2019 (in shares)3,392,000
Granted (in shares)113,553 22,500
Vested (in shares)(49,000)
Forfeited (in shares)(74,000)
Outstanding at September 30, 2020 (in shares)3,292,000
Grant date fair value (in dollars) $ 4.6 $ 0.8
Vesting period5 years
Weighted Average Grant Date Fair Value
Weighted average grant date fair value (per share) $ 40.08 $ 34.84
Minimum
Restricted Stock Units
Vesting period4 years
Maximum
Restricted Stock Units
Vesting period5 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Numerator:
Net income (loss) $ 147,425 $ (14,129)
Less: net (income) loss attributable to non-controlling interests(85,103)5,969
Net income (loss) attributable to Camping World Holdings, Inc. - basic62,322 (8,160)
Add: reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock63,980
Net income (loss) attributable to Camping World Holdings, Inc. - diluted $ 126,302 $ (8,160)
Denominator:
Weighted-average shares of Class A common stock outstanding - basic43,584,000 37,534,000
Dilutive options to purchase Class A common stock165,000
Dilutive restricted stock units955,000
Dilutive common units of CWGS, LLC that are convertible into Class A common stock45,534,000
Weighted-average shares of Class A common stock outstanding - diluted90,238,000 37,534,000
Earnings (loss) per share of Class A common stock - basic $ 1.43 $ (0.22)
Earnings (loss) per share of Class A common stock - diluted $ 1.40 $ (0.22)
Stock Option
Denominator:
Antidilutive securities excluded from the computation of diluted earnings per share738
Restricted Stock Units (RSUs)
Denominator:
Antidilutive securities excluded from the computation of diluted earnings per share1 1,732
Common Class A
Numerator:
Net income (loss) $ 0 $ 0
Denominator:
Weighted-average shares of Class A common stock outstanding - basic43,584,000 37,534,000
Weighted-average shares of Class A common stock outstanding - diluted90,238,000 37,534,000
Earnings (loss) per share of Class A common stock - basic $ 1.43 $ (0.22)
Earnings (loss) per share of Class A common stock - diluted $ 1.40 $ (0.22)
CWGS, LLC | Common Units
Denominator:
Antidilutive securities excluded from the computation of diluted earnings per share51,649

Segments Information - General

Segments Information - General Information (Details)3 Months Ended
Mar. 31, 2021segment
Segments Information
Number of reportable segments2

Segments Information - Revenue

Segments Information - Revenue (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segments Information
Revenue $ 1,557,781 $ 1,027,273
Intersegment Eliminations
Segments Information
Revenue(6,298)(5,512)
Good Sam Services and Plans
Segments Information
Revenue40,871 47,208
Good Sam Services and Plans | Intersegment Eliminations
Segments Information
Revenue(41)(1,484)
New vehicles
Segments Information
Revenue821,976 497,317
New vehicles | Intersegment Eliminations
Segments Information
Revenue(1,799)(1,079)
Used vehicles
Segments Information
Revenue294,257 206,665
Used vehicles | Intersegment Eliminations
Segments Information
Revenue(772)(568)
Products, service and other
Segments Information
Revenue251,270 172,623
Products, service and other | Intersegment Eliminations
Segments Information
Revenue(320)(389)
Finance and insurance, net
Segments Information
Revenue138,254 92,456
Finance and insurance, net | Intersegment Eliminations
Segments Information
Revenue(3,366)(1,992)
Good Sam Club
Segments Information
Revenue11,153 11,004
Good Sam Services and Plans | Operating Segments
Segments Information
Revenue40,912 48,692
Good Sam Services and Plans | Good Sam Services and Plans | Operating Segments
Segments Information
Revenue40,912 48,692
RV and Outdoor Retail
Segments Information
Revenue1,516,910 980,065
RV and Outdoor Retail | Operating Segments
Segments Information
Revenue1,523,167 984,093
RV and Outdoor Retail | New vehicles
Segments Information
Revenue821,976 497,317
RV and Outdoor Retail | New vehicles | Operating Segments
Segments Information
Revenue823,775 498,396
RV and Outdoor Retail | Used vehicles
Segments Information
Revenue294,257 206,665
RV and Outdoor Retail | Used vehicles | Operating Segments
Segments Information
Revenue295,029 207,233
RV and Outdoor Retail | Products, service and other
Segments Information
Revenue251,270 172,623
RV and Outdoor Retail | Products, service and other | Operating Segments
Segments Information
Revenue251,590 173,012
RV and Outdoor Retail | Finance and insurance, net
Segments Information
Revenue138,254 92,456
RV and Outdoor Retail | Finance and insurance, net | Operating Segments
Segments Information
Revenue141,620 94,448
RV and Outdoor Retail | Good Sam Club
Segments Information
Revenue11,153 11,004
RV and Outdoor Retail | Good Sam Club | Operating Segments
Segments Information
Revenue $ 11,153 $ 11,004

Segments Information - Segment

Segments Information - Segment Income (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segments Information
Total segment income $ 168,556 $ 13,265
Depreciation and amortization(12,701)(14,078)
Other interest expense, net(12,223)(14,658)
Tax Receivable Agreement liability adjustment(3,520)0
Other income, net45 0
Income (loss) before income taxes149,468 (9,997)
Operating Segments
Segments Information
Total segment income180,219 21,468
Other interest expense, net(1,802)(1,892)
Corporate, Non-Segment
Segments Information
Total segment income(2,352)(2,729)
Other interest expense, net(10,421)(12,766)
Good Sam Services and Plans
Segments Information
Depreciation and amortization(809)(756)
Good Sam Services and Plans | Operating Segments
Segments Information
Total segment income21,183 21,340
RV and Outdoor Retail
Segments Information
Depreciation and amortization(11,892)(13,322)
RV and Outdoor Retail | Operating Segments
Segments Information
Total segment income159,036 128
Other interest expense, net $ (1,802) $ (1,892)

Segments Information - Deprecia

Segments Information - Depreciation and Amortization (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segments Information
Depreciation and amortization $ 12,701 $ 14,078
Good Sam Services and Plans
Segments Information
Depreciation and amortization809 756
RV and Outdoor Retail
Segments Information
Depreciation and amortization $ 11,892 $ 13,322

Segments Information - Other In

Segments Information - Other Interest Expense, Net (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segments Information
Other interest expense, net $ 12,223 $ 14,658
Operating Segments
Segments Information
Other interest expense, net1,802 1,892
Corporate, Non-Segment
Segments Information
Other interest expense, net10,421 12,766
RV and Outdoor Retail | Operating Segments
Segments Information
Other interest expense, net $ 1,802 $ 1,892

Segments Information - Assets (

Segments Information - Assets (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Segments Information
Assets $ 3,603,160 $ 3,256,431
Operating Segments
Segments Information
Assets3,297,768 3,022,462
Corporate, Non-Segment
Segments Information
Assets305,392 233,969
Good Sam Services and Plans | Operating Segments
Segments Information
Assets91,559 140,825
RV and Outdoor Retail | Operating Segments
Segments Information
Assets $ 3,206,209 $ 2,881,637